Regulatory Alerts2015-04-22 | JB-2015-3371Resolution No. JB-2015-3371 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3371 to reject the review appeal filed by Diners Club del Ecuador S.A. regarding a consumer complaint about unauthorized credit card transactions. The Board confirmed the previous administrative order requiring Diners Club to refund USD 1,350.36 to the cardholder, Karla Vanessa Jaramillo Jaramillo, due to the entity's failure to verify merchant compliance with signature and identification verification protocols. This decision reinforces the obligation of credit card issuers to ensure affiliated establishments adhere to secure sales procedures and verify customer identity before processing transactions.
Share