Regulatory Alerts2015-06-17 | JB-2015-3486Resolution No. JB-2015-3486 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected the appeal filed by Banco de Guayaquil S.A. regarding a complaint of unauthorized internet transfers totaling USD 820.00 caused by phishing fraud. The Board confirmed the lower authority's order requiring the bank to reimburse the customer, ruling that the institution failed to implement adequate fraud prevention systems and did not send necessary security alerts. This decision establishes that the bank is liable for the loss because its operational procedures allowed the fraudulent transactions to proceed without notifying the account holder.
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