Taiwan's Bank SinoPac erupts in mass unauthorized transfer incident, 419 customers affected, over NT$40 million invol

Taiwan's Bank SinoPac disclosed 427 unauthorized transactions totaling more than NT$40 million (about NT$100,000 each) affecting 419 customers, with all funds routed to a single account at Taipei Fubon Bank that has since been frozen. The bank said it has reimbursed affected customers via advance payments and pulled its new mobile banking app, directing users to the legacy app and ATMs while it investigates the information system anomaly. Taiwan's Financial Supervisory Commission has ordered Bank SinoPac to submit a major incident report by November 12 and will decide on penalties based on the cause and severity. The case matters as a test of Taiwanese banking controls and regulatory scrutiny over digital channels; next watch for the FSC report findings, whether fines follow, and whether the frozen Fubon account yields recovery of the NT$40 million.