Take The Money and RUN!!

A few days ago, the New Zealand Herald wrote about a couple with business troubles who applied to their local Westpac bank for a $NZ10,000 overdraft. Instead, the bank credited them with $NZ10,000,000.

 

Rather than return the money, Mr. Leo Gao who ran a local BP service station in Rotorua and his girlfriend Ms. Kara Young apparently have skipped town with most of the money, along with Ms. Young's sister and daughter.

 

The couple, who has been reportedly been seen in Hong Kong, received the "windfall" on the 5th of May, but the problem wasn't investigated by the police until the 21st, according to the NZ Herald.

 

One story says that the bank "refused to reveal how the money was removed from the account, saying only that human error, not a systems error, was responsible for the windfall and that the bank was reviewing its procedures."

 

That is one big case of fat fingers on the key-board, then.

 

It also implies that the bank's internal IT control systems are a wee bit lax.

 

The bank claims that $4 million of the $10 million has been recovered, but didn't say how.

 

Public sentiment seems to be with Mr. Gao & co., at least according to the NZ Herald.

 

Update:

According to the Sydney Morning Herald, the couple has left Hong Kong, and has traveled to mainland China via Macau. How does it know? Seems that the sister traveling with the couple has been describing their travels on Facebook.

Update 1:

The original post had Australian dollars instead of the correct New Zealand dollars, and Rotorua is now spelled correctly.

 

Advertisement

Risk Factor

IEEE Spectrum's risk analysis blog, featuring daily news, updates and analysis on computing and IT projects, software and systems failures, successes and innovations, security threats, and more.

Contributor
Willie D. Jones
 
Advertisement