The case is quite mysterious, and the reasons for the strange behavior of the mobile application of Ireland’s largest bank remain unknown. How, due to a failure of Bank of Ireland’s mobile banking system, customers were able to withdraw or transfer to another account funds they do not have.
Queues at ATMs in Ireland. They paid money they didn’t have
The agency explains that the system allowed to send up to EUR 1,000 to an account in one of the Fintech services (e.g. Revolut) linked to your account. Also when the balance was not enough to cover the transaction or the account holder did not have any funds on it. So customers transferred money (which they did not have) to Revolut, and then tried to withdraw it at ATMs. Irish police reported “unusual activity” near some ATMs across the country, and photos of huge withdrawal lines circulated on social media.
Bank of Ireland has admitted that the glitch did indeed occur and that a technical glitch in the transaction system allowed some customers to access additional funds. Some other customers, in turn, had problems with access to the bank’s mobile application and making payments. Some people have complained on social media that their payment cards don’t work in both stores and ATMs.
The bank also apologized for the problems and explained that the fault was fixed within a few hours. The system is now functioning normally. Bank of Ireland officials said at the same time that people who have withdrawn funds they did not actually have will be charged accordingly. There will be an overdraft on their accounts, but the funds will be repaid without having to pay interest and commissions.
Source: Gazeta
Mabel is a talented author and journalist with a passion for all things technology. As an experienced writer for the 247 News Agency, she has established a reputation for her in-depth reporting and expert analysis on the latest developments in the tech industry.
