Regulatory Alerts2015-04-30 | JB-2015-3391Added · Updated
Resolution No. JB-2015-3391 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3391 to reject the appeal filed by Banco de Guayaquil S.A. and confirm the administrative order requiring the bank to refund $1,130.00 to client Jonathan Rafael Galarza Romero. The Board determined that the bank failed to guarantee the security of electronic transfer channels by allowing a transaction from an unauthorized IP address in Peru, constituting a procedural error. This decision reinforces the bank's obligation to implement robust fraud prevention measures and verify user identity beyond simple credential validation.
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