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

Stephen Chen reports:

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 the cash was just resting in his own account before he returned it to his employers.

But the authorities did not accept this explanation and jailed Qin for theft in December, a ruling the appeal court upheld last month.

Read more on South China Morning Post.

via Joe Cadillic

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