trending Market Intelligence /marketintelligence/en/news-insights/trending/naX4xuJS1txHaAcnsk10ag2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Taiwan's First Commercial Bank loses NT$70M in ATM heist

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery


Taiwan's First Commercial Bank loses NT$70M in ATM heist

Taiwan's FirstCommercial Bank Co. Ltd. lost about NT$70 million after hackersinfiltrated its ATMs and withdrew the cash, Reuters reported July 13, citingthe Ministry of Justice's Investigation Bureau.

Investigators suspect two Russian nationals orchestrated theheist but are looking into the possible involvement of a third person. Thesuspects are believed to have used malware and initiated the withdrawalremotely using a cellphone, a laptop or hacked bank computers as a trigger.

The withdrawals took place at various times of the day inthe weekend of July 9 and July 10. The hackers hit 41 of the bank's ATMs andare believed to have left the island early July 11.

Taiwan's Banking Bureau said First Commercial Bank will haveto take the loss from the hacking and that its customers will not be affected.

The theft is the first recorded crime of its kind in Taiwan.

Following the attack, Taiwan's major banks froze cashwithdrawal from about 1,000 ATMs supplied by Germany's Wincor Nixdorf, the samefirm that supplied the ATMs targeted in the attack. The banks have not yetdisclosed when the service will be restored.

Meanwhile, an official from Wincor Nixdorf told Reuters thatits experts are investigating details of the attack.

First Commercial Bank, Chang Hwa Commercial Bank Ltd., andChunghwa Post Co.Ltd. are some of the banks that have suspended cash withdrawalsfrom ATMs as a precaution.

As of July 12, US$1was equivalent to NT$32.12.