jm + spam + banking   1

How A Spam Newsletter Caused a Bank Run in Bulgaria
According to the Bulgarian National Security Agency (see here, for a reporting in English), an investment company that “built a network of associated companies for marketing services” that was used to diffuse panic by means of an alert, uncomfortably titled “Information Bulletin of on the Risk of Deposits in Bulgarian Banks”. The “bulletin” claimed – Bloomberg reports – KTB was undergoing a liquidity shortage. The message apparently also said that the government deposit guarantee fund was under-capitalised to meet possible repayments, that banks could go bankrupt and that the peg of the currency with the euro could be broken. Allegedly, the alert was diffused by text, email and even Facebook messages, thus ensuring a very widespread outreach. In a country that in 1997 underwent a very serious banking crisis featuring all these characteristics – whose memory is still fresh – this was enough to spur panic.
spam  banking  bulgaria  banks  euro  panic  facebook  social-media 
july 2014 by jm

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