Regulatory Alerts2015-04-22 | JB-2015-3370Resolution No. JB-2015-3370 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3370 to reject the appeal filed by Banco Pichincha C.A. regarding unauthorized credit card cash advances. The Board confirmed the previous administrative act ordering the bank to refund USD 240.00 to the cardholder, Sirlendy Isabel Mieles Moreira, citing the institution's failure to prove the customer compromised her card security. This decision reinforces the bank's legal obligation to ensure ATM security and compensate customers when fraud occurs due to procedural failures or inadequate security measures.
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