Regulatory Alerts2015-06-04 | JB-2015-3465Banking Board Resolution JB-2015-3465
The Banking Board of Ecuador issued Resolution JB-2015-3465 to reject the appeal filed by Banco Nacional de Fomento regarding a customer's claim for unauthorized ATM withdrawals. The Board ruled that the bank failed to prove the customer's negligence in safeguarding her debit card and therefore remains liable for the cloned card transactions. Consequently, the resolution partially ratifies the previous order requiring the bank to refund the customer USD 5,069.75, adjusted for a prior insurance credit.
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