Regulatory Alerts2015-05-08 | JB-2015-3401Resolution No. JB-2015-3401 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3401 to reject the appeal filed by Banco Nacional de Fomento against a previous order requiring restitution for debit card cloning fraud. The Board confirmed the bank's liability for operational risks and failure to monitor account activity, thereby upholding the consumer's right to compensation. The resolution mandates the bank to refund USD 1,943.95 to the claimant, Pablo Roberto Vallejo Madrid, adjusting the amount based on a prior credit note.
Share