Regulatory Alerts2015-04-15 | JB-2015-3357Resolution No. JB-2015-3357 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3357 to rule on an administrative review appeal filed by Pacificard S.A. against a consumer protection order requiring the refund of unauthorized credit card charges. The Board confirmed the lower authority's decision, determining that Pacificard must reverse the USD 1,744.88 in fraudulent transactions because the affiliated merchants failed to exercise due diligence in verifying the cardholder's signature. This ruling reinforces the contractual obligation of merchants to verify identities and signatures, placing the financial burden of such verification failures on the card issuer rather than the consumer.
Share