Regulatory Alerts2015-05-08 | JB-2015-3402Banking Board Resolution JB-2015-3402
The Banking Board of Ecuador rejected the appeal filed by Banco de Guayaquil S.A. regarding an unauthorized virtual banking transfer of US$ 2,000. The Board confirmed the lower authority's order requiring the bank to reimburse the customer, ruling that the institution failed to implement adequate security measures for electronic channels. The decision establishes that the bank bears responsibility for the fraud rather than the client, as the transaction originated from an unregistered IP address in Peru.
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