The “Money Printing” Glitch That Turned a NYC Youth Program Into a $17M ATM Free-for-All

$17M stolen from NYC youth job program via ATM cards in a TikTok-driven fraud scheme. ATM networks’ outdated systems exposed security gaps exploited during SYEP card breach. Financial institutions urged to improve ATM devices after widespread exploit. A multi-million-dollar ATM withdrawal fraud linked to New York City’s Summer Youth Employment Program (SYEP) has raised urgent concerns about the security of public benefit systems. According to a New York Times report , approximately $17 million was illicitly withdrawn across the city between July 11 and July 14 using payment cards issued to the program’s participants. The cards were distributed to around 30,000 unbanked individuals aged 14 to 24 who were enrolled in the city-run summer jobs initiative. While the cards were intended to handle weekly earnings of a few hundred dollars, a malfunction or security failure allegedly allowed access to far larger sums, with some users able to withdraw $10,000 to $40,000 at a time. Related: Nebraska fights for state control of stablecoin rules as Bitcoin ATM fraud sparks national concern Authorities blocked the exploit on the morning of July 14 after ATM oper… The post The “Money Printing” Glitch That Turned a NYC Youth Program Into a $17M ATM Free-for-All appeared first on Coin Edition .

Source: Coin Edition