Peru’s Indecopi Imposes S/19,000 Fine on Interbank for Unauthorized Credit Card Issuance

In a landmark decision that underscores Peru’s commitment to consumer protection, the National Institute for the Defense of Competition and Protection of Intellectual Property (Indecopi) has fined Interbank—a major Peruvian financial institution—over S/19,000 for delivering credit cards to customers without their explicit authorization. The ruling marks a significant enforcement action against financial institutions operating in Peru, setting a clear precedent for transparency and consent in banking practices.

The fine, announced on May 11, 2026, follows Indecopi’s investigation into multiple complaints from consumers who reported receiving credit cards they had not requested. According to the regulatory body, the practice violated Peru’s Consumer Protection Law, specifically Article 14, which mandates that financial institutions must obtain express consent before activating or delivering financial products to customers. The decision reflects Indecopi’s broader mandate to eliminate abusive practices and ensure fair competition in Peru’s financial sector.

This case comes at a time when Peru’s financial regulators are increasingly scrutinizing banks for compliance with consumer protection regulations. In recent years, Indecopi has taken a more aggressive stance against financial institutions, issuing fines for practices ranging from hidden fees to misleading advertising. The Interbank case, however, stands out due to the scale of the fine and the explicit violation of consent requirements.

Why This Case Matters: The Legal and Consumer Impact

Indecopi’s decision highlights several critical aspects of Peru’s regulatory environment:

• Explicit Consent Requirement: The ruling reinforces that financial institutions cannot unilaterally activate or deliver products like credit cards without the customer’s clear and documented approval. This aligns with global best practices, including those outlined by the U.S. Consumer Financial Protection Bureau (CFPB) and the European Consumer Centre Network.
• Financial Sector Accountability: The S/19,000 fine—while substantial—represents a fraction of Interbank’s annual revenue (which exceeded S/10 billion in 2025). However, the case sends a strong message to other banks operating in Peru, where consumer complaints about unauthorized financial products have risen in recent years.
• Broader Consumer Protection Trends: Indecopi’s actions reflect a growing trend in Latin America, where regulators are prioritizing consumer rights. In Brazil, for example, the National Monetary Council has imposed similar penalties on banks for unauthorized transactions, while Mexico’s National Banking and Securities Commission (CNBV) has expanded its oversight of digital banking practices.

“Indecopi’s role is not just to sanction but to educate and prevent. This fine is a clear signal that the era of ‘fine print’ and hidden practices in Peru’s financial sector is ending.”

Who Wins and Who Loses in This Ruling?

The Interbank case affects multiple stakeholders:

• Consumers: The ruling provides stronger protections against unauthorized financial products, reducing the risk of debt accumulation or identity theft. Indecopi’s Consumer Protection Directorate has reported a 30% increase in complaints related to credit card issuance since 2024, many of which involved customers unaware of the cards’ activation.
• Financial Institutions: Banks like Interbank must now implement stricter consent protocols, including digital verification and opt-in confirmations. While compliance costs may rise, the long-term benefit is reduced regulatory risk and improved customer trust. Competitors may view this as an opportunity to differentiate themselves by emphasizing transparency.
• Indecopi: The agency has positioned itself as a proactive enforcer of consumer rights, potentially attracting more complaints and reinforcing its autonomy. The case also aligns with Indecopi’s participation in international networks like the International Competition Network (ICN), where it was recognized in 2021 for its work during the COVID-19 pandemic.

What This Means for Consumers and Businesses

For consumers, the ruling serves as a reminder to:

• Regularly review bank statements for unauthorized transactions or product activations.
• Request written confirmation of any financial product delivery or activation.
• File complaints with Indecopi if unauthorized products are detected (online portal available here).

For businesses, especially financial institutions, the key takeaways are:

• Consent Management: Implement multi-factor verification for product activations, including email/SMS confirmations and digital signatures.
• Transparency: Clearly disclose all terms and conditions upfront, avoiding hidden clauses in fine print.
• Compliance Training: Ensure staff are trained on Indecopi’s consumer protection regulations and the consequences of non-compliance.

What Happens Next?

Indecopi has indicated that this ruling will be used as a template for future cases involving unauthorized financial products. The agency has also announced plans to:

• Conduct a public awareness campaign on consumer rights related to credit and banking services.
• Monitor Interbank’s compliance with the fine and any corrective measures implemented.
• Expand investigations into other financial institutions for similar practices, with a focus on digital banks and fintech companies.

The next official checkpoint will be Indecopi’s quarterly consumer protection report, due for release in August 2026. This report will detail additional enforcement actions and trends in consumer complaints across Peru’s financial sector.