Regulatory Alerts2015-06-04 | JB-2015-3454Banking Board Resolution JB-2015-3454
The Banking Board of Ecuador rejected the appeal filed by Banco Nacional de Fomento and confirmed the order to refund US$ 491.50 to client Manuel Mesías Castillo Calva for unauthorized ATM withdrawals. The Board determined that the bank failed to ensure adequate security measures at third-party Banred ATMs, citing evidence of potential card cloning and the bank's responsibility for services offered to clients. Consequently, the bank remains liable for the fraudulent debits while retaining the right to seek reimbursement from the ATM-owning institutions.
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