Irish Finance Minister Calls For Investigations Into Glitch On Mobile App

The minister for finance in Ireland, Michael McGrath, has ordered an investigation into the robust nature of its banking technology infrastructure. The minister has called for this probe after a technical glitch on the mobile banking app for the Bank of Ireland. This technical glitch allowed customers at the bank to withdraw free money.

Glitch on the Bank of Ireland’s mobile app

The Bank of Ireland has already fixed the technical glitch that allowed some customers at the bank to withdraw and transfer funds that exceeded what was in their bank accounts. The bank admitted to this issue after several posts on social media related to the glitch that triggered long queues at ATMs.

A technical glitch on the bank’s online app allowed customers with less or no money to transfer up to 1,000 euros to a linked account with digital banking platforms such as Revolut. Customers could later withdraw these funds through an ATM.

The Irish police have said they had limited knowledge about an unusual volume of activity in some ATMs. However, pictures posted on social media showed long queues at some ATM locations after the glitch was made known and became a trending issue.

Bank of Ireland, the largest lender in the country, issued a statement admitting to a technical issue that affected its services. The bank later said the glitch had been fixed, and all its services were restored.

However, customers later realized they could not benefit from the free money after the bank said any withdrawals made during the glitch would be debited to customer accounts. As such, those who withdrew funds that surpassed their bank balances will have to repay the money.

Irish finance minister orders probe

The Irish finance minister is now demanding answers following the issue. McGrath said that he has asked for a complete account of what transpired from the Central Bank of Ireland and the Bank of Ireland. The minister demanded to know why the issue happened and the measures put in place to avoid such incidences from transpiring again.

The minister also plans to commence a broader review of banking technology infrastructure. As such, officials at the bank will work together to assess the robustness of the bank and the technology system put in place.

“Given our growing dependence on technology for the delivery of financial services, I have asked my officials to engage with the Central Bank on its assessment of the robustness of this Bank of Ireland incident, and more broadly, the robustness of the technology systems used by regulated, customer-facing financial service providers here in Ireland, and whether any further steps are required to reduce the risk of outages that impact on customers,” McGrath said.

However, it is not the first time that glitches have been reported in ATMs in Ireland. AIB, a high street bank in Ireland, reversed plans to remove cash services from 70 branches in the country amid customer backlash.