Chinese bank’s software chief jailed after finding way to withdraw US$1m in ‘free’ cash from ATMs

A senior programmer with a Chinese bank who developed a way to withdraw more than US$1 million in “free” cash from ATMs has been jailed for 10 and a half years.
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.
The bank accepted his explanation that he had simply been trying to test its internal security and…

Read full article