A practical problem for memory applications involving perpendicularly magnetized magnetic tunnel junctions is the reliability of switching characteristics at high-bias voltage. Often it has been observed that at high bias, additional error processes are present that cause a decrease in switching probability upon further increase of bias voltage. We identify the main cause of such error-rise process through examination of switching statistics as a function of bias voltage and applied field, and the junction switching dynamics in real time. These experiments show a coincidental onset of error rise and the presence of a low-frequency microwave emission well below that dictated by the anisotropy field. We show that in a few-macrospin coupled numerical model, this is consistent with an interface region with concentrated perpendicular anisotropy, and where the magnetic moment has limited exchange coupling to the rest of the layers. These results point to the important role high-frequency interface magnetic moment dynamics play in determining the switching characteristics of these tunnel junction devices.