Life

Exploiting Bank Loophole, Man Almost Gets away with $1M

A 47-year-old Chinese man discovered an ATM loophole at the bank he works at, used it to withdraw 7 million yuan (nearly $1M USD), and almost got away with it. The South China Morning Post and Daily Economic News have been following the story of Qin Qisheng, a programmer at Huaxia Bank. Reports say Qisheng discovered that ATM withdraws near midnight didn’t immediately post to his account. Furthermore, he created a code that stopped the bank’s system from sending insufficient funds warnings.

Authorities say Qisheng made more than 1,350 illegal transactions over nearly 14 months. What’s more, is the bank pleaded with authorities not to pursue charges after the money was returned. Qisheng says he only did it to expose a problem and was keeping the money to return. However, authorities aren’t buying it – saying the money was never put into the bank’s dummy account and some of it had even been invested.


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