Regulatory Alerts2015-06-04 | JB-2015-3459Resolution No. JB-2015-3459 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3459 to reject the administrative review appeal filed by Banco Nacional de Fomento regarding a consumer complaint about fraudulent ATM withdrawals. The Board confirmed the Superintendency's prior order requiring the bank to refund USD 7,680.00 to the account holder, ruling that the institution failed to provide secure electronic channels and bore full responsibility for the losses caused by card skimming. The decision emphasizes that financial institutions are legally obligated to ensure the safety of their transactional services and cannot shift liability to customers for crimes committed via compromised ATM security.
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