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Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) - Crime - Nairaland

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Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by Raychux23(m): 7:10pm On Feb 06, 2019
Bank programmer stole millions from ATM using loophole



This sound more like a feat seen in movies “bank programmer stole millions from ATM using loophole”. But it actually did happen as confirmed by both The South China Morning Post and Daily Economic News. The bank programmer exploited and finds a loophole to withdraw $1 million in cash from his bank ATM. Can this just happen in one night raid? No, no bank ATM can house such a huge amount of money. In fact, the average sized ATM machine can hold as much as $200,000, although only few machines do. But in off hours, most ATM machines contain less than $10,000. This is as a result of withdrawal during the day and a good security measure. For most ATM thefts happen during off hours.

Back to the question “how was he able to withdraw such a huge amount from a machine with limited cash deposit”. Could he possible had stolen the money from several machines and accumulated the sums? No, he actually did find a loophole and exploited his discovery for years.

Qin Qisheng, a 43 years old senior programmer working with Huaxia Bank’s technology development centre in Beijing, China. He discovered a loophole in his bank’s core system. The discovery was that the bank’s system couldn’t properly record withdrawals made from the machine around midnight, due to time and date change from one day to another. This resulted in the machine spitting out cash without deducting the withdraw amount from a user’s account. This system failure normally will log an error report on the bank’s system.

On discovery this as a programmer and his job was to report such abnormalities and system failures. Qisheng instead inserted a scripts (computer program file) into the bank’s system to keep those alert unreported to the system. He afterwards started withdrawing money from the machine around November 2016 to January 2018 with a total of 1,358 withdrawals amounting to over 7 million yuan ($1 million upwards). He was apprehended when the bank later discovered the program script he inserted in the system with traces to him.

Aftermath of his arrest

The bank decided to let go of the charges against him on the condition that he would return the money. They also did ask the police to drop the charges leveled against Qisheng. Their explanation was that Qisheng as a programmer to the bank was merely testing the bank’s system vulnerability and holding onto the cash to be later given back to the bank.

The Chaoyang district court refused the bank’s plea and found him guilty. They didn’t accept the bank’s explanation and Qisheng was charged for theft. For he moved the stolen funds to his personal bank account, instead of the bank’s dummy account and did invest some amount in the stock market. The bank did so, simply to hide its face from publicity scandal since the loophole has already been fixed.

Qisheng was supposed to be the good guy and report any lapses discovered about the system, but he took advantage of it. He is now looking at 10 and half jail sentence after losing his court appeal.

Source: https://techablaze.com/blog/bank-programmer-stole-millions-from-atm-using-loophole/

8 Likes 2 Shares

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by Nwodosis(m): 7:12pm On Feb 06, 2019
This fraud knowledge from China should be useful to our incoming VP, Peter Obi!

22 Likes 1 Share

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by Nwodosis(m): 7:13pm On Feb 06, 2019
Whatever that's foolproof is not for all!

1 Like

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by Factgist: 7:20pm On Feb 06, 2019
Top 10 Safest Countries Should World War III Break Out
https://www./2019/02/10-safest-countries-should-world-war.html?m=1

6 Chilling Stories Of Famous People Who Mocked God And Died
https://www./2018/12/6-chilling-stories-of-famous-people-who.html

Top Ten Places Where Human Cannibalism Is Still Practiced
https://www./2018/12/top-ten-places-where-human-cannibalism.html

12 Likes 2 Shares

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by iamJ(m): 7:35pm On Feb 06, 2019
Fall my hand


First things first after getting half a million what were you still doing there?

Remove your script, delete the log and push, go to a random country and Bleep till you die, you should know that it wouldn't last forever, guy fall my hand big time, every dime in banks are insured, you aren't hurting anyone, your conscience is clear


Not smart at all, fall my hand

59 Likes

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by InfoATM: 7:35pm On Feb 06, 2019
This is serious
Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by MrTobi94: 7:37pm On Feb 06, 2019
I need to learn from him tho.

1 Like

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by Craigslists: 7:37pm On Feb 06, 2019
No be only naija men dey sashe.

Everybody na crook if the right opportunity presents itself.

Very dull programmer, if na naija boy him for dey Burkina Fasso now dey chill.

7 Likes

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by folake4u(f): 7:37pm On Feb 06, 2019
If na Naija forget am, e don go Instagram go post "God bless my hustle" grin

81 Likes 5 Shares

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by guru90: 7:38pm On Feb 06, 2019
Loophole is a dangerous pot!!!

2 Likes

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by eleojo23: 7:38pm On Feb 06, 2019
Chai..see the kind cover up wey the bank wan do..

Isn't this subtle corruption?
Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by MANNABBQGRILLS: 7:38pm On Feb 06, 2019
THE CHINA MAN!!

1 Like 1 Share

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by MANNABBQGRILLS: 7:38pm On Feb 06, 2019
Chike4president:
With Kadaria 8PM tonight
All the best Mr Chike.
A better Nigeria is what we all want.
Make us proud!

2 Likes 1 Share

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by oyetunder(m): 7:38pm On Feb 06, 2019
undecidedhumans and crimes
Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by udeze10: 7:38pm On Feb 06, 2019
u get luck say u day naija
Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by Clapbackdon: 7:38pm On Feb 06, 2019
Genius
Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by Nobody: 7:39pm On Feb 06, 2019
There is loophole in every system.
Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by BOOMnaija(m): 7:39pm On Feb 06, 2019
Correct
Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by Nobody: 7:40pm On Feb 06, 2019
post=75481902:
All the best Mr Chike. A better Nigeria is what we all want. Make us proud!
All "we" want? China is the topic.
Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by DMerciful(m): 7:41pm On Feb 06, 2019
He was greedy, should have pulled out since because how come the financials of the bank were balancing?
Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by MANNABBQGRILLS: 7:41pm On Feb 06, 2019
who is called 'The China Man' in Nigeria? cheesy

1 Like 1 Share

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by HaryoBamex(m): 7:41pm On Feb 06, 2019
I think someone has done something like this in Nigeria.. A doctor to be precise

1 Like 1 Share

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by visijo(m): 7:41pm On Feb 06, 2019
Some ladies now say dad instead of papa so as not to ruin their lipstick, I'm sure some pple have tried this ���

2 Likes 1 Share

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by Jacktheripper: 7:41pm On Feb 06, 2019
Raychux23:
Bank programmer stole millions from ATM using loophole



This sound more like a feat seen in movies “bank programmer stole millions from ATM using loophole”. But it actually did happen as confirmed by both The South China Morning Post and Daily Economic News. The bank programmer exploited and finds a loophole to withdraw $1 million in cash from his bank ATM. Can this just happen in one night raid? No, no bank ATM can house such a huge amount of money. In fact, the average sized ATM machine can hold as much as $200,000, although only few machines do. But in off hours, most ATM machines contain less than $10,000. This is as a result of withdrawal during the day and a good security measure. For most ATM thefts happen during off hours.

Back to the question “how was he able to withdraw such a huge amount from a machine with limited cash deposit”. Could he possible had stolen the money from several machines and accumulated the sums? No, he actually did find a loophole and exploited his discovery for years.

Qin Qisheng, a 43 years old senior programmer working with Huaxia Bank’s technology development centre in Beijing, China. He discovered a loophole in his bank’s core system. The discovery was that the bank’s system couldn’t properly record withdrawals made from the machine around midnight, due to time and date change from one day to another. This resulted in the machine spitting out cash without deducting the withdraw amount from a user’s account. This system failure normally will log an error report on the bank’s system.

On discovery this as a programmer and his job was to report such abnormalities and system failures. Qisheng instead inserted a scripts (computer program file) into the bank’s system to keep those alert unreported to the system. He afterwards started withdrawing money from the machine around November 2016 to January 2018 with a total of 1,358 withdrawals amounting to over 7 million yuan ($1 million upwards). He was apprehended when the bank later discovered the program script he inserted in the system with traces to him.

Aftermath of his arrest

The bank decided to let go of the charges against him on the condition that he would return the money. They also did ask the police to drop the charges leveled against Qisheng. Their explanation was that Qisheng as a programmer to the bank was merely testing the bank’s system vulnerability and holding onto the cash to be later given back to the bank.

The Chaoyang district court refused the bank’s plea and found him guilty. They didn’t accept the bank’s explanation and Qisheng was charged for theft. For he moved the stolen funds to his personal bank account, instead of the bank’s dummy account and did invest some amount in the stock market. The bank did so, simply to hide its face from publicity scandal since the loophole has already been fixed.

Qisheng was supposed to be the good guy and report any lapses discovered about the system, but he took advantage of it. He is now looking at 10 and half jail sentence after losing his court appeal.

Source: https://techablaze.com/blog/bank-programmer-stole-millions-from-atm-using-loophole/


Copy and paste blogger, go and find work to do.

Original content here https://www.theverge.com/2019/2/5/18212902/huaxia-bank-qin-qisheng-atm-loophole-hack-china

3 Likes

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by Brazzaville(m): 7:42pm On Feb 06, 2019
.

1 Like

Re: Chinese Bank Programmer Steals Millions From ATM Using Loophole (Pics) by talk2hb1(m): 7:43pm On Feb 06, 2019
He is not a Hacker but a Cracker undecided

1 Like

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