Payment cards for a New York City youth jobs program were used to withdraw millions of dollars over less than three days, officials said, according to The New York Times.
The programme issued as many as 30,000 cards to 14-to 24-year-olds because they could not be paid via direct debit.
The cards were only supposed to enable users to access their weekly earnings. However, from 11 to 13 July, cardholders were able to withdraw huge sums; as much as $40,000 per ATM in $200 at a time, according to the Times.
The glitch went viral on TikTok and Instagram and some users sold their cards for $1000 each. As the news spread, $17 million was withdrawn across the city before the cards were deactivated.
Banking 4.0 – „how was the experience for you”
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