Citibank’s “biggest ever banking blunder” now has Indian IT firm, Wipro, in the spotlight, according to an exclusive report by Moneycontrol. The report by Moneycontrol’s Dinesh Unnikrishnan and Chandra R Srikanth states that the global banking major relies on a so-called “six eyes” protocol for high-value transactions. As reported earlier, Citi Bank had mistakenly wired Revlon’s lenders around USD 900 …
In what is being termed as “one of the biggest blunders in banking history”, the Banking giant Citibank accidentally transferred USD 900 million to cosmetic company Revlon's lenders instead of creditors. The court explained: "When a beneficiary receives money to which it is entitled and has no knowledge that the money was erroneously wired, the beneficiary should not have to …
Citibank acting as a loan agent to cosmetic company Revlon, accidentally transferred USD 900 million to the company’s lenders. Despite all this, there are rare cases where accidental money transfers happen either due to a bank’s error or on the part of customer. To avoid such incidents, a customer needs to thoroughly check the account details of the beneficiary and …
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