Data Breach at Bank of America

guest · May 20, 2020

The ‘Bank of America’ Is Circulating Notices of a Data Breach
The security lapse came through a mistake when setting up a testing platform used by the SBA
May 20, 2020
https://www.technadu.com/bank-of-america-circulating-notices-data-breach/102352/

The ‘Bank of America’ is sending notices of a data breach over to the impacted clients, after mishandling the data of a subset of people who applied for PPP (Paycheck Protection Program) loans. The financial institution was working together with the SBA (Small Business Administration) and the U.S. Treasury over the past couple of weeks, trying to process over 305,000 loan applications that would result in the handing out of $25 billion in financial relief.

The Bank of America has uploaded some of the loan applications to a test application platform controlled by the SBA.
This happened on April 22, 2020, when the involved vendors and authorized lenders got access to the system to test the platform from their side as well. The bank quickly figured that this was a mistake, as the vendors could see the applicant’s information that they had uploaded.

This event doesn’t impact the loan submission process for the compromised applicants. Still, it has exposed some sensitive details to other parties, like their tax identification number (TIN), full names, phone numbers, email addresses, citizenship, physical address, Social Security Number (SSN), business name, business address, business contact information, and other details.
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Other than that, stay vigilant against scam emails. Scammers may try to convince you to re-apply for a loan by entering your information on a phishing platform that may look like the actual SBA platform. Your application hasn’t been affected by this incident, so you don’t need to do anything regarding the loan application.
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guest · May 27, 2020

Data Breach at Bank of America
May 27, 2020
https://www.infosecurity-magazine.com/news/data-breach-at-bank-of-america/

Bank of America Corporation has disclosed a data breach affecting clients who have applied for the Paycheck Protection Program (PPP).

Client information was exposed on April 22 when the bank uploaded PPP applicants' details onto the US Small Business Administration's test platform. The platform was designed to give lenders the opportunity to test the PPP submissions before the second round of applications kicked off.
The breach was revealed in a filing made by Bank of America with the California Attorney General's Office. As a result of the incident, other SBA-authorized lenders and their vendors were able to view clients' information.

Bank of America, which is headquartered in Charlotte, North Carolina, said that access to the information was limited.
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The bank neglected to share any specifics of which applicants were affected by the breach, stating only that it was a "small number" of clients. The exposed data was drawn from a pool of nationwide applications, meaning that businesses in multiple states may have been impacted.
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