Regulatory Alerts2015-06-10 | JB-2015-3470Banking Board Resolution JB-2015-3470
The Banking Board of Ecuador rejected an appeal filed by Banco de Guayaquil S.A. and confirmed the administrative order requiring the bank to reimburse client Fanny Yadira Lasso Merchán US$2,100.00 for an unauthorized transfer resulting from a phishing fraud. The Board determined that the bank failed to comply with regulatory requirements to register authorized IP addresses and lacked adequate security controls to detect the suspicious transaction originating from an unregistered IP in Peru. Consequently, the bank was held liable for the loss because its systems did not alert the client to the unauthorized access, violating its duty as custodian of deposited funds.
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