Toss Bank, known for promoting innovative technology, posted incorrect foreign-exchange information due to a computer error, prompting financial authorities to look into what happened. The bank said it canceled related currency-exchange transactions and began checking its systems.
According to the financial sector on March 11, the Toss Bank app displayed the exchange rate for 100 Japanese yen as 472 won — instead of the normal 932 won — for about seven minutes starting at 7:29 p.m. on March 10. After recognizing the problem, Toss Bank temporarily suspended yen exchanges.
During that period, an in-app alert told users the yen had hit its lowest level in three months, and some users proceeded with exchanges, according to reports. Toss Bank estimates the volume of transactions tied to the error at about 10 billion won.
A Toss Bank official said the error occurred during work to inspect and improve its foreign-exchange system and that all exchange transactions executed during the affected period would be canceled. The bank cited Article 8, Paragraph 3 of the Electronic Financial Transactions Act, which allows financial companies to correct or cancel transactions caused by mistakes such as system failures or input errors.
Similar cases have occurred before. In 2023, an input error involving the Vietnamese dong (VND) exchange rate at Hana Bank was deemed an obvious mistake and the transactions were ruled invalid.
Toss Bank said the rate was displayed far below normal levels and that users did not suffer financial harm. Financial authorities, however, are reviewing the circumstances and the bank’s internal control procedures.
The Financial Supervisory Service is conducting an on-site inspection of Toss Bank. An FSS official said inspectors are confirming the facts and will examine the cause of the incident and internal management procedures.
* This article has been translated by AI.
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