Regulatory Alerts2015-04-22 | JB-2015-3378Resolution No. JB-2015-3378 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected the appeal filed by Banco Pichincha C.A. regarding a consumer complaint about unauthorized credit card charges. The Board confirmed the lower authority's order requiring the bank to refund US$ 971.71 to the cardholder, Christian Antonio Blanco Salazar, due to the merchants' failure to verify the cardholder's signature against their identification document. This decision reinforces the obligation of affiliated establishments to validate cardholder identity and the bank's duty to enforce consumer protection regulations in cases of signature discrepancies.
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