Regulatory Alerts2015-04-22 | JB-2015-3376Resolution No. JB-2015-3376 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3376 to reject an appeal filed by Banco Pichincha C.A. regarding a consumer complaint about unauthorized credit card charges. The Board confirmed the Regional Intendancy's order requiring the bank to reverse USD 180.00, citing the bank's failure to implement adequate security measures and its inability to prove the cardholder authorized the transactions. This decision reinforces the protection of financial users' rights and the bank's responsibility to manage operational risks and prevent unauthorized spending.
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