Regulatory Alerts2015-04-15 | JB-2015-3351Resolution No. JB-2015-3351 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3351 to reject the administrative review appeal filed by Pacificard S.A. against a ruling that required the issuer to cancel fraudulent credit card charges. The Board confirmed that Pacificard S.A. must refund USD 717.47 to cardholder Tania Maribel Valverde León for unauthorized transactions made in Italy before the card was blocked. The decision establishes that the issuer is liable for these charges because it failed to verify the signature on the transaction vouchers, constituting an incorrect procedure under financial regulations.
Share