Regulatory Alerts2015-04-15 | JB-2015-3355Resolution No. JB-2015-3355 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3355 to reject the administrative review appeal filed by Banco Internacional S.A. regarding unauthorized credit card withdrawals. The Board confirmed the lower authority's decision ordering the bank to reimburse customer Daniel Alberto Herrera Villao US$ 2,753.25 for 29 unauthorized transactions resulting from card cloning. The ruling establishes that the bank failed to demonstrate the card was compromised and bears responsibility for the losses incurred due to internal control failures.
Share