Introduction and scope
This report has been prepared with special consideration for expatriate clients, foreign residents and non-residents in Peru. Its purpose is to serve as a basic legal and practical guide for individuals who hold savings or investments with Peruvian financial institutions and require clarity regarding the actual level of legal protection applicable to them.
The document addresses the differences between savings and investment, as well as the formal complaint and reporting mechanisms available in the event of losses resulting from cyber fraud, digital scams or potential banking malpractice.
The analysis is presented in clear and technical language, oriented toward informed decision-making, without prejudice to the legal rigor required in proceedings before administrative or judicial authorities. This report aims to set out, in a practical and systematic manner, the protection regime granted by the Peruvian legal system to savers who hold funds within the financial system, distinguishing between bank deposits and financial investments, and describing the legal and administrative actions available in cases of fraud.
2. INSTITUTIONAL FRAMEWORK FOR THE PROTECTION OF SAVERS
2.1 Central Reserve Bank of Peru (BCRP)
The BCRP’s primary mandate is to preserve the country’s monetary and financial stability. Its role is macroeconomic and systemic in nature. It does not guarantee individual deposits nor reimburse losses incurred by savers.
2.2 Superintendence of Banking, Insurance and Pension Funds (SBS)
The SBS supervises financial institutions, oversees their solvency, liquidity and risk management, and addresses complaints and claims submitted by users of the financial system.
2.3 Deposit Insurance Fund (FSD)
The FSD protects depositors against the insolvency of member financial institutions, up to the maximum coverage amount in force, per depositor and per financial institution.
Protection of bank deposits
3.1 Covered deposits
Savings accounts
Checking accounts
Fixed-term deposits
CTS (Compensation for Time of Service)
3.2 Maximum coverage amount
For the period December 2025 – February 2026, the maximum coverage provided by the FSD amounts to PEN 116,700, applicable per depositor and per financial institution.
3.3 Exclusions
The following are not covered by the FSD:
Shares
Bonds
Mutual funds
Bearer instruments
Structured investment products
4. FINANCIAL INVESTMENTS OFFERED BY BANKS
4.1 Mutual funds
Mutual funds are investment instruments regulated by the Superintendence of the Securities Market (SMV). They do not guarantee capital or returns, and market risk is borne entirely by the investor.
4.2 Shares and securities
The acquisition of shares involves price risk and volatility. There is no state insurance or FSD coverage for this type of investment.
5. KEY DIFFERENCES BETWEEN SAVINGS AND INVESTMENT
| Concept | Bank deposit | Financial investment |
|---|---|---|
| Risk | Low | Medium / High |
| Deposit Insurance (FSD) | Yes | No |
| State guarantee | Not direct | No |
| Possibility of loss | Mainly due to fraud | Market risk or fraud |
6. Cyber frauds and loss of savings
Cyber fraud includes, among others:
Phishing
Identity theft
Malware
SIM swapping
7. ACTIONS AVAILABLE TO THE SAVER VIS-À-VIS THE BANK
Immediate blocking of all access channels
Change of security credentials
Submission of a formal claim for unrecognized transactions
Request for reimbursement of funds
Request for a technical report from the bank
8. COMPLAINTS BEFORE THE SBS AND INDECOPI
8.1 Complaint before the SBS (jurisprudential criteria)
The Superintendence of Banking, Insurance and Pension Funds has repeatedly established that financial institutions must objectively prove that the disputed transactions were duly authenticated and authorized by the client.
In several administrative decisions, the SBS has held that:
The mere use of passwords or tokens does not constitute sufficient evidence if the absence of failures in security systems is not demonstrated.
The bank must prove that the client acted with gross negligence, and a generic attribution of liability is insufficient.
8.2 Complaint before INDECOPI (jurisprudential criteria)
INDECOPI, through resolutions issued by the Consumer Protection Commission and the Consumer Defense Tribunal, has repeatedly stated that:
Unrecognized transactions constitute, in principle, a breach of the duty of suitability of the financial service.
It is incumbent upon the financial service provider to demonstrate that the service was rendered securely and in accordance with reasonable standards.
It is not valid to automatically transfer technological risk to the consumer, particularly in the case of vulnerable clients or foreign users unfamiliar with the local financial system.
INDECOPI has imposed sanctions on financial institutions for denying reimbursements without sufficient technical justification.
9. ADDITIONAL INSURANCE AND PREVENTIVE MEASURES
9.1 Useful insurance
Card fraud insurance
Electronic transactions insurance
9.2 Preventive measures
Transfer limits
Two-factor authentication
Real-time alerts
10. EXECUTIVE CONCLUSIONS
The FSD protects only bank deposits, not financial investments.
The BCRP does not guarantee individual savings.
Investment risk is borne by the investor.
In cases of fraud, immediate action and a formal claim are decisive.
EXECUTIVE SUMMARY FOR EXPATRIATE CLIENTS
ACTION ROADMAP – RESPONSE DEADLINES
Step 1 – Product identification
1.1 Confirm whether the funds correspond to bank deposits or financial investments.
1.2 Verify whether the institution is a member of the Deposit Insurance Fund.
Step 2 – Loss or fraud event
2.1 Immediate blocking of accounts, cards and digital banking access.
2.2 Change of credentials and request written confirmation from the bank.
Step 3 – Formal claim before the bank (Day 0 to Day 2)
3.1 Submit a written claim for unrecognized transactions.
3.2 Request a technical authentication report.
3.3 Demand a claim or ticket reference number.
Step 4 – Evaluation of the bank’s response (up to business Day 15)
4.1 Analyze whether the bank proves valid authorization.
4.2 Assess whether there is an allegation of gross negligence.
Step 5 – Administrative escalation
5.1 File a complaint with the SBS for improper handling or lack of technical substantiation.
5.2 File a claim or complaint with INDECOPI for breach of the duty of suitability.
Step 6 – Additional actions
6.1 Evaluate filing a criminal complaint for cyber fraud.
6.2 Consider a civil compensation claim, where applicable.
Protections of Savers in Peru: Frequently Asked Questions
Bank deposits held with financial institutions that are members of the Deposit Insurance Fund (FSD) are protected up to the maximum coverage amount in force, per depositor and per institution. This protection applies only in cases of bank insolvency, not in cases of investment losses.
No. Financial investments such as mutual funds, shares, bonds or structured products are not covered by the Deposit Insurance Fund. The investor assumes the market risk associated with these products.
No. The Central Reserve Bank of Peru (BCRP) is responsible for monetary and financial stability at a macroeconomic level, but it does not guarantee individual savings or reimburse losses suffered by savers.
You should immediately block all banking channels, change your security credentials and file a formal claim with the bank for unrecognized transactions. Prompt action is essential to preserve evidence and protect your rights.
The bank must objectively demonstrate that the disputed transactions were properly authenticated and authorized by the client. The mere use of passwords or security tokens is not sufficient if system failures cannot be ruled out.
Yes. If the bank fails to provide a technically justified response, you may file a complaint with the SBS or initiate proceedings before INDECOPI for breach of consumer protection obligations.
Yes. Foreign residents and expatriates enjoy the same legal protection as Peruvian citizens. However, lack of familiarity with the local financial system may be taken into account when assessing liability.
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