Alphabiz - Toss Bank Yet to Recover KRW 1.4 Billion from Erroneous Yen Transactions

Toss Bank. (Photo courtesy of Toss Bank)

 

 

[Alpha Biz= Paul Lee] Toss Bank has yet to recover approximately KRW 1.4 billion out of KRW 28.4 billion worth of Japanese yen exchanged at roughly half the normal rate due to a system error.

According to data submitted by Toss Bank to the office of Rep. Lee In-young of the National Assembly’s Political Affairs Committee on March 18, transactions amounting to KRW 26.9 billion (94.8%) out of the KRW 28.38 billion exchanged at the erroneous rate on March 16 were canceled. However, about KRW 1.4 billion remains unrecovered.

The incident occurred on March 10, when an error in the Toss Bank mobile application caused the exchange rate to be applied at around KRW 472 per 100 yen for approximately seven minutes starting at 7:29 p.m. At the time, the actual exchange rate was around KRW 930 per 100 yen, effectively allowing users to purchase yen at nearly half price.

Toss Bank has been unable to recover the remaining funds because customers who took advantage of the erroneous rate immediately withdrew the exchanged amounts from their accounts. A total of 567 customers are involved.

It is understood that many of the customers utilized automated trading services that execute purchases when exchange rates fall below a certain level.

 

 

Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)