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Daniel Foster
The event took place in April of last year, and it required several hours to rectify the mistake. Another bank staff member, responsible for confirming transfers before they are approved and managing payments, failed to notice the mistake.
Consequently, the mistaken credit to the customer was only recognized by a third bank staff member, but it was one and a half hours after the payment had been completed. The transaction was canceled a few hours later, before the funds were withdrawn from the bank's accounts to the recipient.
Citigroup informed the Federal Reserve and the Office of the Comptroller of the Currency regarding the incident.
According to the FT, referencing an internal Citigroup report, last year there were ten comparable incidents that involved transferring funds exceeding $1 billion. In the year 2023, there were 13 incidents of that nature.
source: ft.com
Consequently, the mistaken credit to the customer was only recognized by a third bank staff member, but it was one and a half hours after the payment had been completed. The transaction was canceled a few hours later, before the funds were withdrawn from the bank's accounts to the recipient.
Citigroup informed the Federal Reserve and the Office of the Comptroller of the Currency regarding the incident.
According to the FT, referencing an internal Citigroup report, last year there were ten comparable incidents that involved transferring funds exceeding $1 billion. In the year 2023, there were 13 incidents of that nature.
source: ft.com
