New rules require banks to reimburse victims of digital theft

- Tuesday, March 22, 2011

New rules require banks to reimburse victims of digital theft

New rules issued by Ecuadorian bank regulator SBS will require banks to reimburse customers who are victims of digital theft from their accounts.

Customers who lose up to US$2,000 must be reimbursed for 100%, while those who lose more than US$2,000 and up to US$10,000 get 80%, and anything higher get 60%.

The rules say the reimbursements must be made immediately via bank transfer, according to a report in local newspaper La Hora.

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César Robalino, head of Ecuadorian private banking association Asobancos, said banks had not signed off on the new rules, which go into effect 72 hours from their publication.