Regulatory Alerts2015-04-30 | JB-2015-3390Banking Board Resolution JB-2015-3390
The Banking Board of Ecuador issued Resolution JB-2015-3390 to reject the appeal filed by Banco de Guayaquil S.A. against an administrative order requiring the bank to reimburse a customer for unauthorized funds transferred via phishing fraud. The Board confirmed that the bank failed to maintain an efficient fraud prevention system, evidenced by the transaction originating from an unregistered IP address in Peru, thereby establishing the institution's liability for the loss. Consequently, the resolution mandates the bank to return the sum of USD 2,350.00 to the customer, Néstor Alejandro Orrala García.
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