Fearful Twitter posts and anxious WhatsApp exchanges coupled with online banking ease are seen as helping power an internet-age run on a pair of now-collapsed American lending institutions.
Both Silicon Valley Bank and Signature Bank were hit with massive withdrawals by customers fearful of losing their money, but the speed was dizzying in an age when rumors spread like wildfire on social media and apps make moving funds with the click of a button simple.
Gone is the time when a "run on the bank" meant mobs of customers banging on bolted doors and demanding deposits back. Investor Bill Ackman tweeted during the weekend that if federal regulators didn't quickly step in and guarantee all deposits, runs on other banks would start Monday. Online banking was around during the 2008 financial crisis, but "the adoption of these technologies is definitely increasing," he said.Banking regulators need to put in place "circuit breakers" that could quickly suspend banking transactions in the event of cyber attacks, weather disasters, or customer panic, said Hilary Allen, a specialist in financial technologies at American University in Washington.
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