Regulatory Alerts2015-05-08 | JB-2015-3403Banking Board Resolution JB-2015-3403
The Banking Board of Ecuador rejected the appeal filed by Banco Nacional de Fomento and ratified the order requiring the bank to reimburse client Virgilio Abdón Ordóñez Ramírez for unauthorized ATM withdrawals. The Board determined that the bank failed to prove the client compromised his card data and ruled that operational risks associated with ATM services, including potential card cloning, remain the exclusive responsibility of the financial institution. This decision reinforces the bank's obligation to act as a guarantor of deposited funds and prohibits shifting operational risks to users who utilize ATMs in accordance with their contractual rights.
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