Regulatory Alerts2015-05-27 | JB-2015-3437Resolution No. JB-2015-3437 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3437 to reject the appeal filed by Banco de Guayaquil regarding a fraudulent withdrawal dispute. The Board confirmed the lower authority's decision ordering the bank to reimburse the customer, citing the bank's failure to implement an efficient fraud prevention system and its admission that the client was a victim of phishing. This ruling establishes the bank's liability for the unauthorized transaction due to its inadequate security alerts and failure to protect client funds.
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