Regulatory Alerts2015-06-10 | JB-2015-3474Banking Board Resolution JB-2015-3474
The Banking Board of Ecuador issued Resolution JB-2015-3474 to partially confirm a previous administrative order requiring Produbanco to refund unauthorized credit card charges. The Board rejected the bank's appeal, ruling that the merchant failed to verify the customer's signature as required by regulation, thereby establishing the bank's liability for the fraudulent transactions. Consequently, Produbanco is ordered to pay USD 1,360.13 to the complainant, Ibeth Amparito Hinojosa Terán, to compensate for the verified unauthorized losses.
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