State-owned German development bank KfW mistakenly transferred billions of euros to four other banks due to a “configuration mistake” made by an “experienced programmer,” according to media reports.
The incident took place in late February, when Kreditanstalt für Wiederaufbau (KfW) erroneously transferred around €5 billion ($5.4 billion) to four other financial institutions, Bloomberg reported.
The bank mistakenly transferred the hefty sum due to a “human error owing to a configuration mistake,” according to a statement from the bank, emailed to Bloomberg. The amount of mistakenly allocated funds might even be as high as €6 billion, according to an unnamed person familiar with the situation, cited by Bloomberg.
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