Bank SinoPac Probes Unauthorized Transfers Affecting 400 Customers

Taiwan’s financial regulator is demanding answers from Bank SinoPac after hundreds of unauthorized fund transfers were made from customer accounts. The bank said more than US$1 million was transferred without authorization, affecting over 400 customers. Bank SinoPac has since taken the affected systems offline, reimbursed the customers affected and launched an investigation into the incident. In an initial statement, the bank attributed the problem to a software glitch.