During the first half of this year, everyone was rushing to purchase face masks due to the outbreak of SARS. Recently, however, all automated-teller machine (ATM) card holders have been anxiously checking their bank accounts. "Is your money still there?" has even become a greeting these days.
If the SARS outbreak highlighted the loopholes in the flawed public health system, then the ATM card fraud has highlighted the same problems in the banking industry.
Meanwhile, an employee allegedly stole NT$3 billion from Lee and Li Attorneys-at-Law -- the nation's largest law firm -- exposing serious oversights in the company's internal management procedures.
In a modern society, a healthy management system should, in addition to maintaining the system's regular operations, be able to automatically detect and correct mistakes. But the above cases clearly show that Taiwan's financial and legal systems have neither an overall preparedness for crises nor sufficient capability to respond to emergencies. Such negligence is a virus in the management system, invisible and infectious. If it cannot be corrected in a timely manner, It could trigger more crises in other areas.
In recent years, banks have come to view consumer financing as an area of endless potential. The banks encourage people to apply for a plethora of ATM cards, credit cards and cash cards by offering relaxed approval procedures. Such cards have flood the market, leaving a trail of disasters.
In the war for market share, banks continue their low-cost marketing and offer cheap gifts when someone applies for or activates a new card. They do not, however, attempt to improve technology aimed at preventing forgery or copying of cards, nor do they discuss procedures to enhance ATM security.
Copying ATM cards to rob banks accounts is not a recent phenomenon, but since -- until recently -- only a few people had been affected, banks have not paid enough attention to the losses. Instead, they have been putting on airs and demanding that consumers bear the losses themselves.
This large-scale theft with fake cards from the Bank of Taiwan and other banks is, in fact, the result of the perpetrators having had their appetite whetted, while banks have made things easy by having no intention of plugging the loopholes.
Law firms should be composed of professionals who protect clients' rights and interests, but now Lee and Li has shown itself to be unable to protect its own rights and interests. The firm is noted for its expertise in international litigation and negotiations, as well as its professional and competent lawyers. This is why it is considered the top law firm in Taiwan.
Surprisingly, however, Lee and Li had its clients' chops and bank books kept by one staff member, allegedly giving him the opportunity to embezzle a huge amount of money without being discovered by his colleagues -- a group of the nation's best lawyers. Unimaginable! Lee and Li has lost not only NT$3 billion but -- even more precious -- its professional reputation.
Financing and legal affairs are the lifeline of an industrial and commercial society. Surprisingly,
serious management flaws appeared simultaneously in the nation's financial and legal systems. The government must not view them as isolated crimes. The justice and finance ministries should review the defects in these two areas and come up with measures for improvement.
A ship fraught with holes will not be able to carry Taiwan toward its goal of becoming an international financial hub and a "green silicon island."
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