Regulatory Alerts2015-05-13 | JB-2015-3408Resolution No. JB-2015-3408 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3408 to reject the appeal filed by Banco Nacional de Fomento regarding an administrative order requiring the reimbursement of US$ 1,754.50 to a customer. The Board confirmed that the bank failed to implement adequate security measures for its ATM network, specifically citing poor camera placement and insufficient protection against card cloning, which resulted in unauthorized withdrawals. Consequently, the resolution mandates the bank to bear the operational risk and fully refund the disputed amount to the affected user.
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