Socmed fuels bank busting panic

By Agence France-Presse

Mar 17, 2023 12:01 am

NEW YORK CITY: 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.

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