Itaú CorpBanca told to reimburse client in online fraud case

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Friday, June 22, 2018

Chile's supreme court ordered local lender Itaú CorpBanca to repay a client who claimed he had been defrauded by online criminals.

Patricio Eduardo Antonio Bottai Ramírez had filed the legal challenge after losing a total of 7.00mn pesos (US$10,969) in two bogus online transfers in October 2017, according to court documents.

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The bank, documents state, had declined to reimburse Bottai, who discovered the crime after downloading a program bearing the name Trusteer Rapport. This is the name of a legitimate anti-fraud application. After downloading the program his computer froze and, upon restarting it and checking his email, he noticed suspect transfers had been made.

Itaú had argued it could not confirm what had happened exactly regarding the money but that an internal investigation had shown the funds were transferred legitimately.

This month consumer protection agency Sernac said it was launching group arbitration proceedings involving Itaú after receiving complaints of bank fraud.

In related news, Chile's banking association has suggested slowing down the speed of online transactions involving large sums of money to give bank staff time to conduct security checks if deemed necessary, according to local press reports. The proposal follows an incident in which online thieves stole US$10mn from Banco de Chile.

Insurance and securities watchdog CMF has announced plans to review and potentially update associated legislation.