Regulatory Alerts2015-06-04 | JB-2015-3458Resolution No. JB-2015-3458 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected the administrative review appeal filed by Banco Nacional de Fomento regarding unauthorized ATM withdrawals totaling US$ 191.00 from a customer's account. The Board confirmed the Regional Intendancy's order requiring the bank to reimburse the customer, citing the bank's failure to implement adequate security monitoring and alerts for suspicious transactions on the debit card. The decision establishes that the bank is liable for the fraud due to its incorrect procedures and failure to protect the client's funds, despite the withdrawals occurring on a competitor's ATM network.
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