The long-awaited day had the most bank transfer mistakes: Seoul Economic Daily

Detailed analysis of the forecast recovery service
Number mistake, most common when pressing ‘0’ instead of ‘8’
As the weather gets hotter, the number of erroneous remittances increases.

Photo provided by Korea Deposit Insurance Corporation

It was found that the most common day for bank transfer mistakes was ‘payday‘. When entering numbers with a mobile phone keypad, most people pressed ‘0’, which is the adjacent number on the keypad, instead of ‘8’.

This phenomenon was revealed as a result of a detailed analysis by theme of the ‘Missed Money Recovery Service’ announced by the Korea Deposit Insurance Corporation on the 4th.

According to the analysis results, there were many erroneous remittances on payday, when money came into the bank account and expenses increased. Companies and institutions usually designate the 10th and 15th (small and medium-sized companies) and the 25th (large companies and public officials) as paydays. As of June this year, the top 3 most common dates for erroneous remittances were the 10th (1,668 cases), the 15th (1,514 cases), and the 25th (1,464 cases).

As a result of analyzing 8,659 cases of remittances made by entering one digit of the account number incorrectly, the most common case was that the number ‘8’ was incorrectly pressed as ‘0’ near the keypad. This was followed by pressing the similar shape ‘3’ instead of ‘8’, pressing the adjacent number ‘4’ instead of ‘7’, and pressing the adjacent number ‘9’ instead of ‘6’.

Photo provided by Korea Deposit Insurance Corporation

As the weather gets hotter, the number of transfer mistakes increases. Over the past three years, the average temperature in August has risen every year from 29.1 degrees to 30.8 degrees to 33.0 degrees, and the number of applications for recovery services has also steadily increased to 971, 986, and 1,339.

Photo provided by Korea Deposit Insurance Corporation

By region, the more populous the area, the higher the number of applications for recovery services. According to the status of outbreaks by autonomous district in Seoul, Gangnam-gu, which ranked 3rd in population, had the most service applications with 645 cases, followed by Songpa-gu (609 cases) and Gangseo-gu (496 cases), which ranked 1st and 2nd in population. In addition, there were many cases of incorrect transfers due to confusion between people with the same name or similar names.

Starting in July 2021, Yebo has been supporting erroneous remitters to recover money they had accidentally sent through a recovery service. By the end of September this year, 42,647 (KRW 83.7 billion) applications for return support were reviewed, 17,375 (KRW 25.4 billion) were confirmed, and the application process was carried out. To date, the money recovered by customers due to deposit mistakes has reached 11,676 cases, totaling 14.5 billion won.

If you accidentally remitted money, you can apply for the recovery service online on the Yebo website or by visiting the customer service room on the first floor of the Yebo headquarters. You must first request a refund through the financial company or simple remittance company you used for the transfer, and support is for unrefunded amounts of 50,000 won to 50 million won.

The forecast plans to introduce cases by type and situation of remittance remittance errors into prevention activities for erroneous remittances and diversify recovery service promotion channels by target and region. We plan to continuously improve the system, including introducing mobile phone applications in addition to online and in-person applications.

A forecast official said, “We plan to use the results of this thematic analysis to operate the system,” and added, “We will actively improve the system so that people can use the recovery service more quickly and conveniently.”