Customers at a billion-dollar bank have been able to withdraw money that isn’t theirs due to a software flaw.
Due to the flaw, users were able to transfer up to $1,000 to digital banking applications like Revolut, even if they did not have enough money in their accounts to cover the transfer.
According to The Irish Times, after the transfer was complete, users of the Bank of Ireland could access their money at any ATM.
As word spread on social media about the potential financial backdoor, individuals rushed to test it out. A consumer who wishes to remain anonymous tells Vice that she learned of the problem through SMS and was subsequently taken aback when it functioned without a hitch.
“When I got home from the office, my phone was flooded with messages that said, “You can get free money from the Bank of Ireland.” It was a joke, but it worked when I tested it. I planned to return it, as everyone is insisting that you do.
After reserving time in a recording studio, a few t-shirts, and a complete highlight appointment, I decided to treat myself. However, the app is now showing that I have no outstanding balance. “
The bank has issued an apology and said that any future withdrawals would be processed as debits. The bank claims that the number of transactions made on the evening of the problem’s discovery does not represent a “significant proportion” of its daily transaction volumes.
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