Regulatory Alerts2015-04-01 | JB-2015-3338Resolution No. JB-2015-3338 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3338 to reject the administrative review appeal filed by Banco Pichincha C.A. against a prior decision ordering the bank to refund US$ 329.00 to a customer for an unauthorized internet transfer. The Board confirmed that the bank failed to activate electronic channel blocks despite access from an unregistered IP address, thereby violating consumer protection and due process principles. Consequently, the resolution affirms the bank's liability for the unauthorized transaction and denies the appeal, upholding the obligation to reimburse the customer.
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