Regulatory Alerts2015-05-20 | JB-2015-3430Resolution No. JB-2015-3430 of the Banking Board
The Banking Board of Ecuador rejected the appeal filed by the General Manager of the National Development Bank regarding a customer complaint about unauthorized ATM withdrawals. The Board confirmed the previous administrative act requiring the bank to reimburse the customer USD 3,919.35 for fraudulent transactions resulting from debit card cloning. The decision affirmed that financial institutions bear the responsibility for ensuring the security of ATM networks and cannot shift the burden of proof to customers for fraud occurring on compromised terminals.
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