SinoPac Bank in Taiwan has reported a large batch of unauthorized outbound transfers that affected 419 customers, according to Taiwan’s Central News Agency. Wang Yun-chung, deputy director-general of the Banking Bureau under the Financial Supervisory Commission, said customers told the bank that funds were transferred out of their accounts even though they had not logged into the bank’s new mobile banking app.
The bank’s review found 427 irregular transactions, each worth about NT$100,000, for a total exceeding NT$40 million, or roughly $1.2 million. All of the money was sent to the same account at another bank, and that account has been temporarily frozen. SinoPac Bank has already reimbursed customers by advancing the funds and has removed the new mobile banking app from service.
SinoPac Financial Holdings later said in a filing on Taiwan’s public information platform that the incident was caused by an abnormality in its “new online banking transaction system.” The company said it has identified the cause, suspended the service, and has not seen the same issue recur. It also said all affected funds, including fees, have been fully returned. Taiwan’s regulator said it is still verifying whether the case was caused by an app issue or a hacker intrusion.
Unauthorized transfers at Taiwan’s SinoPac Bank affected 419 customers, with regulators still checking whether the incident stemmed from a system problem or a hacker intrusion.
According to Taiwan’s Central News Agency, Wang Yun-chung, deputy director-general of the Banking Bureau under the Financial Supervisory Commission, said customers reported that money had been transferred out of their accounts even though they had not logged into the bank’s new mobile banking app.
SinoPac Bank’s internal review found 427 irregular transactions. Each was worth about NT$100,000, bringing the total to more than NT$40 million, or about $1.2 million. The funds were all sent to the same account at another bank, and that account has been temporarily frozen.
The bank has reimbursed customers by advancing the money and has taken the new mobile banking app offline. It must submit a major incident report to the Financial Supervisory Commission by Nov. 12.
In an evening filing on Taiwan’s public information platform, SinoPac Financial Holdings said the incident was caused by an abnormality in its “new online banking transaction system.” The company said it has identified the cause and suspended the service. It added that no similar incidents have occurred since, and that all affected funds, including transaction fees, have been fully returned to customers.
The Financial Supervisory Commission said it is still verifying whether the case was an app-related issue or the result of a hacker intrusion.
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