New York (The Verge) — Programmer finds ridiculous ATM loophole that let him withdraw $1 million in cash.
It sounds like something straight out of a movie: an unsatisfied bank programmer discovers the perfect scheme for making an ATM spit out free money. But apparently, this story is true: 43-year-old Qin Qisheng reportedly managed to withdraw over 7 million yuan (upwards of $1 million USD) from ATMs operated by his employer, Huaxia Bank — all by exploiting a crazy loophole.
The South China Morning Post and China’s Daily Economic News report that 43-year-old Qin Qisheng managed to withdraw over 7 million yuan (upwards of $1 million USD) from ATMs operated by his employer, Huaxia Bank — all by exploiting a crazy loophole.
According to the reports, the bank’s system didn’t properly record withdrawals made around midnight — effectively spitting out cash without removing the total from a user’s account. Normally, that might send up a red flag that a transaction had failed, but Qisheng allegedly inserted scripts into the system that suppressed those alerts.
Qisheng started pulling out money in November 2016, but it wasn’t until January 2018, some 1,358 withdrawals later, that the bank discovered the bad code in its system and brought him to the authorities. — Sean Hollister/@verge