System errors blamed for investment losses

A series of system errors on online transaction platforms run by local brokerages and an internet bank were reported this week, disrupting services.

SK Securities suffered a technical glitch at its home trading system and mobile trading system for nearly three hours from about 10 a.m. to 1 p.m., a source told The Korea Herald, saying it caused investment losses.

“I wasn’t able to connect to the MTS, so I tried trading through the HTS. I was able to trade my securities in real time, but was unable to check the final result,” the source said, requesting anonymity.

The problem was due to a malfunction in electromagnetic compatibility, the brokerage said later in the afternoon, adding that it will review whether the errors caused investment losses.

Kiwoom Securities also faced a MTS malfunction a day earlier, after being flooded with orders after the US stock exchanges set off a “circuit breaker” to halt trading for 15 minutes.

Kakao Bank users also failed to open some accounts due to the bank’s ID system error on Monday.

The bank’s mobile ID process was delayed for hours as errors occurred on the website operated by the Ministry of the Interior and Safety.

Kakao Bank requires users to upload a resident card photo on its mobile app, which is then sent to the verification system of the ministry to check its authenticity before the bank issues deposits or loans. The website was overloaded with people applying online for housing resident registration that is required for purchasing face masks amid the coronavirus outbreak, the bank said.

The ministry, however, denied that its website was responsible for the error.

By Jie Ye-eun and Choi Jae-hee
(yeeun@heraldcorp.com) (cjh@heraldcorp.com)