Bank Of America Face Data Breach in PPP Application Process.

Bank Of America Face Data Breach  in PPP Application Process.

Bank Of America Face Data Breach  in PPP Application Process.

The Worlds Second-Largest Bank that is Bank Of America in the U.S , Confirmed this week that a possible data breach may have affected small numbers of clients who have applied for the Paycheck Protection Program (PPP). For the people who have no  idea about what is (PPP) is a government initiative that was launched on April 3,2020 to provide economic relief to small business and other entities that have been adversely impacted by the covid-19 pandemic.   

BofA said that the breach  was occurred on 22nd April after loan application of some clients were uploaded to the Small Business Administration(SBA) test Platform. The limited access platform allowed lenders to PPP submission before the second round began.

Due to the breach other SBA-authorized lenders, as well as their vendors were able to view some private data of applicants, including their business tax identification number, business address owner name social security number, address phone number and email address.

Bank Of America Face Data Breach  in PPP Application Process.

The bank noticed that the data was not visible to other business clients who is applying for the loans or to the public anytime. Additionally it said the process did not affect the actual submission PPP loan application data to the SBA test application platform on april 22.

Bank advised the customers to review their monthly accounts statement thoroughly the report any suspicious activity to bank officials.

BofA also says that it is working closely with the US Treasury and SBA to process over 305,000 PPP loan application with the SBA, providing over $25 billion in Financial relief for small business in the United States.