A software bug at a billion-dollar bank has allowed customers to withdraw cash that’s not theirs.
The bug made it possible for people to send about $1,000 – even if they have insufficient funds – to digital banking apps like Revolut.
When the transfer was complete, Bank of Ireland customers could then withdraw the funds from an ATM, reports The Irish Times.
Once the banking backdoor was discovered, reports quickly spread on social media as people raced to see if it would work.
Scenes across Ireland last night as a glitch at the 'Bank of Ireland' meant people were able to withdraw €1000's even if you had nothing in your account.
Gardai are now guarding the machines. pic.twitter.com/iLzLXwqIE8
— UK Justice Forum ?? Latest Video News Updates! (@Justice_forum) August 17, 2023
An anonymous customer tells Vice that she heard about the bug via text and was surprised when it actually worked without a hitch.
“I left work and I had a load of texts on my phone saying ‘you can get free money from Bank of Ireland’. I tried it as a joke and it actually worked. I was going to give it back, because obviously they are all saying you have to… but I’m not getting paid until Thursday.
So I booked to get full highlights done, [bought] a couple of t-shirts and some recording studio time… But right now on the app it doesn’t say I owe anything. Even if I wanted to, I wouldn’t know how to pay it back now.”
The bank has apologized for the error and says all withdrawals will be designated as a debit on people’s accounts.
Overall, the bank says the number of transactions conducted on the night that the issue was discovered are not a “significant proportion” of its transaction volumes for an average day.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
