Regulatory Alerts2015-05-13 | JB-2015-3409Banking Board Resolution JB-2015-3409
The Banking Board of Ecuador confirmed the requirement for Banco de Guayaquil S.A. to refund US$ 1,400.00 to a customer following an unauthorized virtual banking transfer. The Board ruled that the bank failed to provide sufficient security measures to prevent fraud, thereby rejecting the bank's appeal that blamed the customer for compromised credentials. This decision reinforces the institution's responsibility to manage operational risks and protect client assets in electronic channels.
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