Regulatory Alerts2015-04-15 | JB-2015-3359Resolution No. JB-2015-3359 of the Banking Board
The Banking Board of Ecuador issued Resolution JB-2015-3359 to confirm the obligation of Banco Pichincha C.A. to fully refund US $4,482.23 to client Germania Sambache Chicaiza following an unauthorized phishing transaction. The Board rejected the bank's appeal, ruling that the institution failed to implement adequate fraud prevention systems and violated operational risk management regulations by not detecting the anomalous transfer. This decision reinforces the regulatory requirement for financial institutions to protect consumers and ensure the security of electronic banking channels.
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