Toss Bank app exchange rate error, Japanese Yen half-price purchase event

Toss Bank app experienced an exchange rate error for Japanese Yen, causing some users to purchase Yen at half the normal price. In response, Toss Bank immediately halted currency exchange transactions and is currently investigating the cause of the error and the scale of affected transactions.

On the evening of the 10th, the Toss Bank app applied an incorrect exchange rate of 472 won per 100 yen for about seven minutes, resulting in Yen being traded at roughly half the normal rate of 934 won per 100 yen. As a result, some users who had set automatic purchase orders at the lower price actually bought Yen at the discounted rate.

Upon discovering the issue, Toss Bank temporarily suspended currency exchange transactions and began an internal investigation to identify the cause. A Toss Bank official explained that the error was due to an incorrect exchange rate being applied during the internal review and stated that they will focus on resolving the problem.

A similar incident occurred in February last year when Hana Bank experienced an exchange rate error for Vietnamese Dong, which led to the cancellation of all erroneous transactions under the Electronic Financial Transactions Act. Given this precedent, it is highly likely that transactions affected by this error will also be canceled.

Such errors in financial transaction systems can potentially cause losses for users and highlight the need for financial institutions to strengthen system stability. Going forward, financial companies must ensure thorough post-incident management to prevent recurrence.