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Gambler reveals how he swindled NAB

Yahoo Finance AU

A Melbourne man has claimed that he exploited a flaw in National Australia Bank and was able to scam hundreds of thousands of dollars.

According to reports, Daniel Saunders said he splurged $500,000 in four months in early 2011 before NAB diagnosed the flaw in their system and fixed it.

Saunders who is now facing criminal charges says he blew the bounty on gambling and luxury travel but could never enjoy his lifestyle for the fear of being caught

"I'd stay in $2000-a-night hotel suites and be sh****** myself that the cops were going to burst through the door. I've got an anxiety disorder. Half the time I think I'm going to fall over,” he was reported as saying.

Saunders claimed he the loophole involved the transfer of money between credit and savings accounts.

It has now been fixed.