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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, June 2 — A system error on South Korean fintech application Toss caused duplicate automatic transfers on June 1, impacting thousands of users.
According to financial industry sources, the glitch occurred for about 40 minutes starting at around 2 p.m., during which automatic payments were processed twice.
A total of 15,000 users experienced 21,000 duplicate transactions, with the total affected amount reaching approximately 2.14 billion won (about $1.6 million).
A Toss official said the issue stemmed from a system error during the automatic transfer process and added that measures have been implemented to prevent recurrence.
The company said it plans to reimburse all affected users in full to their original accounts within the same day.
Toss also noted that the reimbursement is being carried out first to ensure swift recovery for users, and that any recoverable duplicate payments will be collected later through individual notifications.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
https://www.alphabiz.co.kr/news/view/1065549029117395
This article is based on global economic content from Alphabiz, which distributes English-language news on Korean markets and companies to international audiences.
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