In April, Citigroup recorded an erroneous transaction that credited $81 trillion to a customer's account instead of the intended $280. Detected within 90 minutes, the bank swiftly reversed the transaction, ensuring that no funds were disbursed. The incident was reported to regulatory authorities as a near miss. Despite the significant figure, Citigroup emphasized that their controls prevented any actual transfer. In the previous year, Citi documented ten near misses of over $1 billion, a reduction from thirteen the year prior, highlighting unusual occurrences in the banking sector.
Citigroup's $81 trillion error, corrected within hours, underscores the efficiency of its detection controls, preventing any actual fund disbursement.
Despite the extreme nature of the error, it was categorized as a near miss without consequences for the bank or client.
Citi reported a total of 10 near misses of $1 billion or more last year, a slight decrease from 13 reported the previous year.
Industry-wide, such near misses exceeding $1 billion remain atypical, highlighting the rarity of substantial errors in large banking operations.
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