New Online Banking Glitch Sends 427 Transfers to Same Account
SinoPac Financial Holdings subsidiary SinoPac Bank's "new online banking transaction system" suffered a programming glitch, causing funds from 419 customers in 427 transactions totaling over NT$40 million to be mistakenly transferred to the same Taipei Fubon Bank account. On November 3, several SinoPac Bank customers reported on social media platforms that without logging into online banking, funds were suddenly transferred out of their accounts, with one customer having NT$100,000 transferred to Taipei Fubon Bank. After receiving the notification, Taipei Fubon Bank immediately listed the receiving account as a withdrawal-prohibited account, suspended related transaction functions, and notified the police. Taipei Fubon Bank said credited funds had not yet been transferred out, and it will cooperate with the police investigation and assist customers with fund returns in accordance with relevant laws and operating procedures. SinoPac Bank later issued a statement confirming the incident was caused by a programming glitch in its "new online banking transaction system," and that all funds including handling fees have been fully returned to customers, with the bank making emergency advance payments into affected customers' accounts.
FSC Confirms Notification Received, Orders Report Within 7 Days
The Financial Supervisory Commission confirmed it has received SinoPac Bank's notification, with 419 affected customers in 427 transactions totaling over NT$40 million, all remitted to the same bank account. The FSC has required SinoPac Bank to submit a report within 7 days. As for whether the glitch was a new-system problem or a hacker intrusion, the FSC said it will first review SinoPac Bank's examination results before deciding whether to conduct an on-site inspection. All funds together with handling fees have now been returned to affected customers, but the regulator still requires the bank to clarify the cause of the programming glitch, internal control processes, and customer rights protection measures to ensure a similar incident does not recur.
Market Fears Trust Impact, Shares Open Lower and Fall Further
Although the actual transferred amount was only over NT$40 million and has been fully returned, the market remains concerned that the new-system failure will hurt customer trust in the bank. In early trading on November 4, SinoPac Financial Holdings shares opened lower and moved down, opening at NT$44.2, down NT$0.2, briefly turning positive to NT$44.55 during the session before succumbing to selling pressure and turning negative again, falling to NT$42.55. Based on yesterday's closing price of NT$44.4, the drop was NT$1.85 at one point, a decline of over 4%. Based on SinoPac Financial Holdings' share capital of about NT$147.9 billion, market value was wiped out by over NT$27.3 billion at one point, with the impact on the share price far exceeding the actual loss from the system glitch, showing the market is pricing in trust risk.
Shares Consolidate at NT$43.25, Still Down Nearly 3%
As of the early-session consolidation stage, SinoPac Financial Holdings shares were quoted at NT$43.25, still down nearly 3%. The incident highlights the importance of stability in core system upgrades and fund security controls at financial institutions. It remains to be seen how the FSC report findings, system repair progress, and customer confidence recovery develop. Investors should watch for short-term valuation effects from bank information security and operational risks and carefully assess market volatility. Investing involves risks, with potential gains and losses; investors should read the prospectus carefully before subscribing and establish correct investment concepts to reduce the risk of losses.