The online banking system of Standard Chartered Hong Kong experienced a major fault early on Wednesday that saw users' funds transferred to betting accounts without their authorization.

A source who only gave his name as Ken told Apple Daily that Standard Chartered’s online banking system automatically made three transfers, totaling HK$13,500 (US$1,740), from his account to a Hong Kong Jockey Club betting account, even though he was not logged in.

Another affected user, going by the name of Tsang, watched more than HK$10,000 moved in 20 unauthorized transactions into an HKJC betting account.

“The Standard Chartered hotline staff couldn’t help. I was so scared that I transferred my money to my friends and rushed downstairs to withdraw money from the ATM,” Tsang said. “I couldn’t sleep all night,” he added.

The full sum of money was eventually returned to his bank account the next evening, Tsang said.

Standard Chartered admitted to the system error on Wednesday and apologized to those affected. The system mistakenly debited small amounts from bank users who also held HKJC accounts, a spokesperson for the bank said.

The unauthorized transfers occurred between 12:15 a.m. and 3:35 a.m. on Wednesday, the Jockey Club said. The funds involved had all been returned to the original bank accounts, it added.

Standard Chartered would compensate each affected user with a HK$200 coupon, Apple Daily learned. Some of the bank’s customers, however, said they were not satisfied with this response and would not accept the offer.

The Hong Kong Monetary Authority said it would ask Standard Chartered to submit a detailed report on the incident and take measures to avoid repeating the error.

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