The 60-second $1 million casino money scam

Want to steal? Steal from the 
machines that give you "your" money.

How to exploit a security loophole. From Forbes magazine:

Ara Keshishyan put together a crew and gave each of the participants so-called “seed money,” which they deposited into Citibank checking accounts that each had recently opened.

After arriving at their targeted casino, the conspirators went to on-premise cash advance kiosks and withdrew multiples of the deposits that they had previously made into the Citibank accounts. Apparently, Keshishyan had discovered a glitch in Citibank’s security protocol whereby multiple withdrawals made within 60 seconds of each other at the kiosks would result in cash payments from the various cages at the casinos. The deposits and withdrawals were each kept under the federal transaction reporting level of $10,000 so as to conceal detection.

Being the alleged brains of the operation, Keshishyan kept the collected funds and doled out cuts to his conspirators.  His take was generally used for gambling.  On top of having gamed the Citibank cash advance process, Keshishyan and his crew were often “comped” into the casinos with free rooms based upon the level of their gambling.

They were caught, and Citibank said it closed the loophole.

Citibank And Casino Cash Gone In 60 Seconds And Bad Guys Comped, Forbes>>