• About
  • Advertise
  • Careers
  • Contact
Saturday, March 25, 2023
No Result
View All Result
NEWSLETTER
Cyber360 News
  • Home
  • Security
  • Data Breach
  • Cyber Attacks
  • Cyber Security
  • Cyber Crime
  • Contact Us
  • Home
  • Security
  • Data Breach
  • Cyber Attacks
  • Cyber Security
  • Cyber Crime
  • Contact Us
No Result
View All Result
Cyber360 News
No Result
View All Result
Home Security

Programmer Steals $1 Million Cash By Exploiting ATM Loophole

by Cyber360 News
November 11, 2019
in Security
0
Programmer Steals $1 Million Cash By Exploiting ATM Loophole
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

A 43-year-old software manager of a Chinese bank managed to withdraw over 7 million yuan (more than $1 million) from ATMs of the same bank by exploiting a ridiculous loophole.

According to the South China Morning Post, Huaxia Bank’s system didn’t properly record the withdrawals made around midnight — allowing it to vend out cash without deducting the amount from the users’ account.

jamf now

On realizing this flaw, Qisheng started withdrawing money in November 2016 which continued until January 2018.

Usually, withdrawing money in such manner flags the transaction but the software programmer had allegedly inserted scripts into the system to suppress those alerts.

Since the money had to come from somewhere, Qisheng used a “dummy account” created by the bank for internal testing purposes.

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.

However, when it came to the money, he said the funds were simply “resting” in his own account, only to be returned to the bank (yeah, because that’s usually what one does).

But here’s where the story gets interesting — Huaxia bank dropped the charges once the software manager returned the money.

Perhaps the bank feared bad publicity, and after the loophole was fixed, the bank asked the police to drop the case by going along Qisheng’s explanation — that he was simply testing the bank’s security.

However, the law enforcement did not buy the story and eventually arrested him for theft. The court didn’t accept his argument, considering that he had moved the stolen money to his personal bank account instead of the bank’s dummy account.

jamf now

He had apparently invested some of it in the stock market too. So Qisheng has been sentenced to 10 and a half years in prison after losing his appeal.

Also Read: $190M In Crypto Lost As Exchange Founder Dies With Only Password
Cyber360 News

Cyber360 News

Next Post
Google Chrome Can Now Alert You If Your Passwords Are Hacked

Google Chrome Can Now Alert You If Your Passwords Are Hacked

Recent Posts

Twitch’s Entire Critical Data Leaked, Includes Streamer Earnings, Source Code

Twitch’s Entire Critical Data Leaked, Includes Streamer Earnings, Source Code

October 6, 2021
Former U.S. Security Firm Helped The UAE Carry Out “Karma” iMessage Hack: MIT Tech Review

Former U.S. Security Firm Helped The UAE Carry Out “Karma” iMessage Hack: MIT Tech Review

October 1, 2021
Facing “This App Has Been Blocked For Your Protection” Issue? Here’s How You Can Fix It

Facing “This App Has Been Blocked For Your Protection” Issue? Here’s How You Can Fix It

October 1, 2021

Whats New in Kali Linux?

September 14, 2021

Kali Linux 2019.3 Release (CloudFlare, Kali-status, metapackages, Helper-Scripts & LXD)

September 14, 2021

Kali Linux 2021.3 Release (OpenSSL, Kali-Tools, Kali Live VM Support, Kali NetHunter Smartwatch)

September 14, 2021

Kali Linux 2018.4 Release

September 14, 2021

Kali Linux 1.0.5 and Software Defined Radio

September 14, 2021

Kali Tools Website Launched, 1.0.9 Release

September 14, 2021

Kali Linux Dojo at Black Hat Vegas 2016

September 14, 2021

Category

Site Links

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

About Us

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

© 2019 Cyber360 News - Powered by WebSensePro

No Result
View All Result
  • Home
  • Security
  • Data Breach
  • Cyber Attacks
  • Cyber Security
  • Cyber Crime
  • Contact Us

© 2019 Cyber360 News - Powered by WebSensePro

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In