In a startling financial mishap, Citigroup accidentally credited a client’s account with a staggering $81 trillion instead of the intended $280, according to a report by the Financial Times. The incident, which took place in April last year, highlights the risks associated with banking transactions and human oversight.
How the Error Happened
The massive mistake was overlooked by two bank employees responsible for verifying the transaction before processing. However, a third employee noticed the error approximately 90 minutes later, prompting immediate corrective action.
Swift Action to Reverse the Transaction
Citigroup took several hours to reverse the erroneous transfer, ensuring that the funds did not leave the bank’s account. In a statement to Reuters, Citigroup emphasized that it quickly identified and rectified the issue, reassuring that the error had no impact on the bank or the customer.
Lessons in Banking Security
This incident serves as a reminder of the importance of financial oversight and digital transaction security, particularly in an era where automation plays a significant role in banking operations.