Glitch in Koho Financial system led to fraudulent transactions

Koho Financial Inc. processed more than $1-million in allegedly fraudulent transactions after users exploited a glitch. The transactions took place between July, 2019, and early March, 2020. In all, there were more than 1,000 transactions totalling $1.049-million that the company labelled as "fraudulent"

The transactions were enabled by a technical glitch during the transfer of money between accounts that deposited the value into the accounts of both the sender and the receiver.