Major US financial institution Citigroup has been making global headlines following reports that it mistakenly credited a customer’s account with a staggering 81 trillion dollars.
The jaw-dropping multi-trillion dollar error, labeled a “near miss”, was eventually caught and reversed within hours, and was said to be a result of an oversight in their internal systems of check offs for such scale transactions, Reuters reports.
“The error, which occurred last April, was missed by a payments employee and a second official assigned to check the transaction before it was cleared to be processed the next day,” as Reuters cites a report via the Financial Times.
The oversight was, however, caught by a third employer, one-and-a-half hours, following the transaction, which was reversed hours later, as per The Financial Times.
No funds left the bank relating to the amount left in the account during the period of the mistake, which Citi was able to completely recover.