FOX Business’s Edward Lawrence details the testimony of Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell before Congress about economic recovery efforts.
The Trump administration has agreed to release details about the recipients of Paycheck Protection Program loans, which could make them targets for scammers and marketers, experts say.
A management source told FOX Business that the information is expected to be released online this week, possibly Thursday.
Borrowers with loans valued at more than $ 150,000 will have their business names, addresses and loan ranges disclosed, among other information.
Confidential personal and private details will be distributed to selected members of Congress and selected government agencies.
PPP APPLICATION DEADLINE: DO NOT FORGET THESE OTHER RELIEF OPTIONS
Tom Miller, CEO of risk management firm ClearForce, told FOX Business that putting those pieces of information together in a list allows “bad guys to understand the value of a target.”
He added that personally identifiable information can be used for phishing schemes and other ways to target individuals.
Many of these small businesses are private companies, which means that they are not regularly required to disclose financial information.
NAMES OF MOST PPP LOAN BORROWERS WILL BE PUBLIC
“The first thing that came to mind was … well, who would want that information and how would they use it,” LJ Suzuki, founder of CFOShares.org, told FOX Business. “Obviously we live in an era where hackers and scammers are quite abundant.”
While Suzuki said it is difficult to predict what the consequences will be, he said public information is a seller’s “dream”, and that “at least” business owners should be prepared for an avalanche of spam.
As previously reported by FOX Business, the SBA and the Treasury Department announced last week that they would improve the transparency of the program by publishing additional data on borrowers. That information includes business names, addresses, NAIC codes, business type, demographics, nonprofit information, supported jobs, and ranges of loan amounts for people who received more than $ 150,000. About 75 percent of the approved loan dollars exceeded $ 150,000.
GET FOX BUSINESS ON THE MOVE BY CLICKING HERE
Meanwhile, Miller and Suzuki said remote workforces have brought their own security challenges for companies.
Miller noted that the rapid transition to tens of millions of telecommuting workers means that companies may not have been able to adequately prepare for the fact that employees would be using their home Wi-Fi connections, which could be less secure.
Suzuki added that many people do not have complex passwords and that neighbors or hackers can access the network to access emails, passwords, or login credentials.
Also, even skilled workers are more likely to click on phishing emails, with additional stress causing people to make unintentional mistakes.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
