Regulatory Alerts2015-06-04 | JB-2015-3457Banking Board Resolution JB-2015-3457
The Banking Board of Ecuador rejected an appeal filed by Banco Nacional de Fomento regarding a customer's claim for unauthorized ATM withdrawals. The Board confirmed the previous administrative act requiring the bank to refund US$ 2,090.00 to the customer, Luis Alfredo Onofre Molina, due to the institution's failure to maintain adequate fraud prevention systems. The ruling establishes that the bank bears responsibility for securing deposited funds and cannot shift liability to the customer for transactions occurring on third-party ATMs within the BANRED network.
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