Courts / Dublin / Report
Glitch in online banking used to steal thousands
Summary
Prince Joseph Ncube, aged 24, worked for a financial services firm when he discovered a glitch in Bank of Ireland's online banking system in April 2017. He opened four deposit accounts and used a sequencing and timing anomaly to create notional credits, transferring €48 between accounts to generate a credit that did not exist. Repeating the process, he built a notional balance exceeding €24,500, withdrawing €14,500 in cash before the bank froze the account. A senior fraud investigator recovered €10,000, and the bank provided documentation that led to Ncube's arrest. He pleaded guilty to theft at Dublin Circuit Criminal Court. Judge Martin Nolan sentenced him to three years, suspended in full, with a condition to pay €14,500 to the Gardaí for onward transmission to the bank within six months. Ncube's defence highlighted his youth, family background, and ongoing studies, while the prosecution noted the sophisticated nature of the fraud.
Who, what, where, when and why
What: Report matter: Glitch in online banking used to steal thousands. Charges or matters: theft from Bank of Ireland in April 2017. Procedural stage: sentence
When:
- April 2017 Incident
- May 2017 Incident
- 2021-03-24 Publication
Case subjects
Defendant
Charges: theft from Bank of Ireland in April 2017 (Admitted)
Plea: Guilty
Outcome: Credit: Collins) A young financial services worker who spotted a technical glitch in an online banking system and manipulated it to steal almost €25,000 has been given a suspended sentence. He accepted Ncube's admissions, lack of relevant convictions, education and work history before he handed down a three-year sentence which he suspended in full on condition that Ncube pay €14,500 to the investigating garda for onward transmission to Bank of Ireland within six months.
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