US cops have arrested 14 people over an elaborate scam where $1m was stolen from casino kiosks in a scam the FBI has described as "Gone in 60 Seconds" bank fraud.

The suspects allegedly stole $1m by exploiting a gap in Citibank’s electronic transaction security protocols in casino "cash advance" kiosks - which required multiple withdrawals all within 60 seconds.

The scam worked because withdrawals were authorised at multiple machines before balances were updated, taking throwaway accounts well into the red.

The stolen funds were often used to gamble, leading many casinos to supply the alleged conspirators with free rooms due to their extensive gambling activity, the FBI said.

Source: The Register