Regulatory Alerts2015-05-08 | JB-2015-3399Banking Board Resolution JB-2015-3399
The Banking Board of Ecuador issued Resolution JB-2015-3399 to reject the appeal filed by Banco Nacional de Fomento regarding a customer complaint about unauthorized ATM withdrawals. The Board ratified the previous order requiring the bank to refund USD 2,337.50 to the customer, Norma del Rocío Romo Allauca, for funds stolen from her account. The decision establishes that the bank bears the operational risk of electronic transaction security and cannot shift liability to the customer for alleged card misuse without evidence.
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