Toss Bank, which saw a yen exchange error recently, is said to have clawed back a substantial portion of the amounts involved in the transaction at the time. Toss Bank is reviewing overall follow-up measures, including a customer compensation plan and an apology statement, in parallel with the clawback work.
According to the financial industry on the 13th, Toss Bank estimates a loss of about 20 billion won from the yen exchange error on the 10th. Since the 11th, Toss Bank has been asking users to cooperate with the clawback via push notifications and phone calls. A large number of customers are said to be cooperative with the clawback.
Toss Bank plans to decide whether to proceed with follow-up measures, such as a customer compensation plan and an apology statement, as soon as the clawback work enters its final stage. The official who will deliver the apology and the method of announcement have not yet been decided.
Toss Bank is also reviewing measures to be taken going forward and related legal provisions in case the clawback is not carried out properly. If funds have already been withdrawn from a foreign currency (yen) account, Toss Bank is covering the shortfall by debiting balances in other accounts. For customers who have no balances in any accounts within Toss Bank, the bank is considering follow-up actions. It is said that civil or criminal action is not being considered at this time.
At Toss Bank, from 7:29 p.m. on the 10th of this month for about seven minutes, an incident occurred in which an exchange rate in the 472 won per 100 yen range was applied when exchanging yen. The exchange rate at the time was in the 930 won per 100 yen range. The rate error is said to have occurred due to a mistake during a system check.