A programmer exploits ATM loophole, withdraws over $1 million

A bank worker in China discovered a loophole with ATM withdrawals that allowed him to take out more than $1 million in "free money" from cash machines over the course of several months.

Qin Qisheng, 43, a former manager in Huaxia Bank's technology development centre in Beijing, spotted a loophole in the bank's core operating system that meant cash withdrawals made around midnight were not recorded.

After 1,358 withdrawals, the bank finally discovered the bad code in its system and also reported Qisheng to the authorities. On getting caught, he tried to pass it off as "internal security tests" to examine the loophole.

Huaxia Bank accepted Qin's explanation that he was making the withdrawals to test the system, according to the South China Morning Post, despite the money being moved to his personal account.

However, the bank admitted that some activities were not reported which was in violation of the formal procedures. The courts have sentenced Qin to 10 and a half years in prison.

Read more -here-

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