I find the stack exchange interesting, but I still think its post-hoc reasoning. I would prefer one of the people who worked on these systems to say it, than have a plausible, but none-the-less third hand take published as "the answer"
But COBOL doesn't have a date type.
So isn't its behaviour defined by how the system has been implemented ?
But the idea that no one has noticed the problem and investigated it (including possible fraud) is very unlikely.