Money Withdrawn from Management Accounts, Not Institutional Accounts
Partial Transfers Among Them
A large-scale automatic transfer error occurred in the postal financial computer system.
The Ministry of Science and ICT's Postal Business Headquarters announced on the 25th that an automatic transfer error occurred in the Post Office Financial Fund Management Service (CMS) system on the 17th. Automatic transfer fees were withdrawn from the CMS integrated management account, not from the deposit accounts, in about 1,700 accounts. An error also occurred where automatic transfers were processed even in some accounts with insufficient balances.
The error was discovered when institutions that made direct transfers in anticipation that automatic transfers would not be processed due to insufficient balances noticed double transfers.
The Postal Business Headquarters has sent official letters requesting the return of mistaken deposits to the respective financial sector associations. It is expected to take some time to identify the cause of the system error and to settle the mistaken deposits.
Financial system errors at the Postal Business Headquarters have been occurring frequently since the introduction of the next-generation financial system in May. Immediately after the introduction, network failures occurred for 78 hours affecting electronic financial transactions such as internet and mobile banking, and on the 10th, problems with account transfers and deposit/withdrawal services occurred for about 30 minutes starting around 9 p.m.
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