Banks Around The World Have Been Experiencing Consistent Outages

Naked Capitalism: Banks Around World Are Suffering Big Outages, Leaving Millions of Customers in Lurch At Worst Possible Time 

Twenty banks (some suffering repeated outages), six countries (one in lockdown), five continents, tens of millions of unhappy customers. 

There’s never a good time for your bank’s IT system to go down. But few can be worse than in the middle of a lockdown. It’s difficult to leave home, your local branch may not be open, and as a result you are more reliant than ever on digital banking services. In New Zealand, now in its seventh week of nationwide lockdown, one of the country’s largest lenders, Kiwibank, went down on Tuesday, leaving many of its customers in the lurch. It is one of a string of IT outages the bank has suffered over the past three weeks, after a DDoS attack on New Zealand’s third largest Internet provider caused IT crashes at a number of lenders, including Commonwealth Bank and Anz Bank. 

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WNU Editor: This is a sensitive topic to me. I lost some my money in a Ukraine bank a few years ago that exhibited the same patterns that I am now seeing around the world. And a lot of my friends and family lost their savings in Russian banks in the early 1990s when their banking system collapsed. 

Bottom line. I have had first hand experience when it comes to bank failures. 

I know in the West many feel that their accounts are safe, and this type of disaster would not happen here. 

I say do not be complacent. 

Having difficulty accessing one's banking account is now becoming a regular occurrence. 

Bank of America had problems last week .... Bank of America's online banking system went down Friday, locking thousands of customers out of their accounts (Insider), and New Zealand's Kiwi Bank has had consistent problems for the past month .... Kiwibank app, online banking out of action again: 'Changing banks soon as I can' (Stuff.co.nz) 

It seems that global bank outages are now becoming a regular occurrence. Considering how interconnected the world's financial systems are, this should surprise no one.