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Consumer watchdog sues Chile's Itaú CorpBanca over alleged frauds

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Consumer watchdog sues Chile's Itaú CorpBanca over alleged frauds

Chile's national consumer service agency Sernac has launched a class-action lawsuit against Itaú CorpBanca, with a group of consumers claiming they were victims of fraud, Diario Financiero reported.

The consumers reportedly allege they were victims of a variety of fraudulent operations, including unwanted credit approvals, credit card withdrawals along with deposits and loans, with the amounts — in some cases up to 12 million Chilean pesos — being transferred to unknown accounts.

However, Itaú maintains that its security systems were never breached since the consumer agency first contacted the bank regarding the issue in March 2018 and has opted to deal with the alleged cases on a case-by-case basis.

According to the publication, the bank has ruled out any widespread fraud or a breach and believes that any breaches were caused by customers' misuse of security tools, such as passwords and security codes.

The purported issues at Itaú CorpBanca took place at a similar time as the cyberattack at Banco de Chile in May that resulted in the theft of some $10 million, leading to speculations of it also being hacked, which the bank has repeatedly denied. Meanwhile, a Chilean congressman has asked regulators to perform an audit of Itaú CorpBanca's cybersecurity.

As of Sept. 5, US$1 was equivalent to 691.34 Chilean pesos.