Regulatory Alerts2015-06-17 | JB-2015-3491Resolution No. JB-2015-3491 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3491 to reject the administrative review appeal filed by Banco de Guayaquil S.A. regarding a consumer complaint about unauthorized electronic transfers. The Board confirmed the Superintendence's order requiring the bank to refund US$ 9,523.30 to the customer, Gonzalo Antonio Ricaurte Caicedo, due to the bank's failure to implement adequate security controls against phishing fraud. The decision establishes that financial institutions bear exclusive responsibility for operational risks and must ensure the security of virtual banking services, as the transaction patterns indicated unusual behavior that the bank failed to detect.
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