Toss Bank reported that a transfer error has resulted in an incorrect reflection of 32.5 billion won in customer accounts. The bank has corrected approximately 80% of the affected amount and is currently working on recovering the remaining funds.
In a disclosure to the Financial Supervisory Service on October 22, Toss Bank stated that the financial incident involved a total of 32,493,696,000 won due to an error in processing incoming transfers from other banks.
According to the disclosure, the error occurred on October 7 at around 2:20 PM during an internal update of Toss Bank's remittance system. As a result, some transactions that had actually failed were incorrectly reflected as successful in customer accounts. The issue was confirmed through customer inquiries regarding the processing anomalies of incoming transfers.
Toss Bank recognized the error through customer inquiries and restored the system by 2:50 PM on the same day. The bank announced the occurrence of the error on its website and began notifying affected customers sequentially from October 12, following the relevant legal procedures for transaction corrections.
To date, 252,565,300,000 won has been recovered, while recovery procedures for the remaining 72,880,430,000 won are ongoing. The final estimated loss amount has not yet been determined.
Toss Bank stated, "We immediately restored the error, and all transfer transactions are now functioning normally. No actual funds were withdrawn from accounts at other financial institutions, and there were no direct monetary losses for customers involved in the affected transactions."
The bank has implemented follow-up measures to address customer inconvenience and prevent recurrence of such incidents. A dedicated response team, including key executives, has been established, along with a dedicated hotline for customer inquiries.
Additionally, an 'IT Internal Control Strengthening Task Force' has been launched, led by the CEO. This team includes IT executives and staff, as well as personnel from human resources, organizational culture, and compliance departments, to review and improve overall system operations and internal controls.
Toss Bank expressed, "We sincerely apologize to customers who experienced inconvenience due to this incident and will approach the resolution with a responsible attitude to become a trusted bank for our customers."
* This article has been translated by AI.
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