Regulatory Alerts2015-05-08 | JB-2015-3396Resolution No. JB-2015-3396 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected an appeal filed by Banco Pichincha C.A. regarding a consumer complaint about unauthorized credit card charges. The Board confirmed the administrative order requiring the bank to refund USD 770.00 to the cardholder, Edgar Rodrigo Morocho Tutillo, due to the bank's failure to verify the merchant's compliance with signature verification protocols. This decision upheld the finding that the bank's internal controls were insufficient to prevent the processing of a transaction supported by a voucher with a forged signature.
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