Software chief uses security loophole of a bank to dig out $1mn from ATMs for free

In China, a senior programmer named Qin Qisheng working as a manager with Huaxia Bank’s technology development Center, had withdrawn over $1 million from ATMs freely without leaving any footprints of transactions being recorded.

Back in 2016, Qin had already found a fault in the Bank’s system. The whole action took place in November where he put some scripts in the banking system, allowing him to withdraw money without recording transactions in midnight. He had silently withdrawn over Seven million Yuan ( Over $1mn) by January 2018 using a dummy account which was usually used by the bank to test its systems.

At the time of manual check at a subsidiary branch, the bank had figured out something suspicious happening in its dummy account which was peculiarly being used for the withdrawal purpose, after which they caught the real culprit and sent him to jail. Qin has been prisoned for 10 and a half years.

The money that he was withdrawing from the dummy account had been continuously transferred to his own account and portion of that money was also invested in the stock market.

The whole part of the story from Qin side was that he was just trying to find out loopholes in the banking system in order to enhance the system security of the bank and didn’t mean to take advantage of it. Further, according to him, if he even informed to the responsible authorities, no action would take place due to the involvement of lots of work and labor-intensive. He deliberately put money to his own account before giving it to his employers.

The bank accepted what Qin said and the case would be dropped once the bank gets its entire money back.

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