Regulatory Alerts2015-04-01 | JB-2015-3332Resolution No. JB-2015-3332 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3332 to reject the appeal filed by Banco Pichincha C.A. regarding a customer complaint about an unauthorized electronic transfer. The Board confirmed the administrative decision requiring the bank to refund USD 4,956.23 to the customer due to its failure to implement adequate security procedures and monitor unusual transaction patterns. The ruling establishes that the bank is liable for the loss because its systems failed to detect the transaction originating from an unrecognized IP address and did not issue required security alerts.
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