Regulatory Alerts2015-06-10 | JB-2015-3473Resolution No. JB-2015-3473 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution JB-2015-3473 to reject the appeal filed by Banco de Guayaquil S.A. regarding a customer's claim for unauthorized electronic transfers. The Board confirmed the previous administrative order requiring the bank to refund USD 451.00 to the customer, ruling that the institution failed to prove the customer compromised her security credentials. This decision reinforces the bank's responsibility to secure electronic channels and prohibits shifting the burden of proof for unauthorized transactions to the user without evidence of negligence.
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