Business · Companies · 15 hrs ago
Toss Bank correcting 325 billion won in mistaken deposits
Toss Bank mistakenly recorded about 325 billion won as deposits after some transfers from other banks failed.
The error lasted about 30 minutes on the 7th, when money sent to Toss Bank accounts appeared to arrive even though the transfers had failed.
The affected sending accounts were not actually charged, so the bank says customers did not suffer direct financial losses.
Toss Bank says it has corrected or recovered about 252 billion won, while about 73 billion won is still being recovered.
The final amount of any loss has not been determined.
The bank is contacting affected customers and has set up a dedicated support line and response team.
It is reviewing its technology systems and internal controls to address the error and prevent a repeat.
Toss Bank reported a mistaken-deposit incident involving 32.49 billion won in transfers from other financial institutions.
The error lasted about 30 minutes on October 7, when failed transfers appeared as deposits in recipients’ Toss Bank accounts.
By the time of the reports, 25.21 billion won had been corrected or recovered, while 7.29 billion won remained under recovery.
Toss Bank said sending customers’ accounts were not actually debited and that customers suffered no direct financial loss.
The bank said it had restored the system and set up a response team and an internal-controls task force.
- Who
- Toss Bank and customers involved in transfers from other financial institutions.
- What
- A processing error recorded failed transfers as deposits, affecting 32.49 billion won.
- When
- October 7, for about 30 minutes.
- Where
- Toss Bank accounts in South Korea.
- Why
- The error occurred while incoming transfers were being processed; one report says it happened during an internal remittance-system update.
This story does not have two clearly opposing sides.
A transfer-processing error began and lasted about 30 minutes.
Toss Bank restored the error, according to the reports.
After the holiday, Toss Bank began informing affected customers and seeking consent to recover the incorrectly recorded amounts.
Toss Bank disclosed the incident to the Financial Supervisory Service and reported recovery and correction progress.
- Total amount
- 32.49369 billion won
- Corrected or recovered
- 25.20565 billion won
- Still being recovered
- 7.28804 billion won
- Incident duration
- About 30 minutes
- Affected process
- Incoming transfers from other financial institutions
- Expected loss
- Not yet determined
3 sources
What people are saying
We sincerely apologize to our customers and will work responsibly to resolve this matter so that we can become a trusted bank.
The error was immediately restored, and all transfer transactions can currently be used normally.
Funds were not actually withdrawn from accounts at other financial institutions, and there was no direct monetary loss, such as money disappearing, for sending or receiving customers.