Citigroup mistakenly credited a client's account with $81 trillion instead of the intended $280, highlighting a significant fat finger error. This mistake was spotted 90 minutes later by a third employee after initial oversight from two others. Fortunately, no funds were transferred, and the bank reported the error to regulatory bodies. The absurd figure raised concerns about manual entry errors in banking systems. Citi emphasized its commitment to improving processes to prevent such incidents, referencing a previous costly mistake involving a $900 million mispayment to Revlon creditors.
Despite the fact that a payment of this size could not actually have been executed, our detective controls promptly identified the inputting error between two Citi ledger accounts and we reversed the entry.
This incident underscores our continued efforts to eliminate manual processes and automate controls through our transformation, ensuring that such errors are less likely to occur in the future.
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