The 5G Conspiracy Theorists Making Money Out of Covid-19!

If you have been following social media during this pandemic, and it’s hard to avoid it, you may have noticed that conspiracy theories about the origins of the virus are multiplying like weeds.

The general consensus is that it leapt to humans from a bat, or a pangolin, but even the leading scientists have questioned what was initially assumed about Wuhan’s wet market as being the source.

But the conspiracy theorists aren’t content with that. It’s not exciting enough for them presumably, plus was there ever a better opportunity for them to jump on all the social media channels and announce the ‘truth’!

One of the most prevalent theories is that the virus is related to the rollout of 5G Internet technology. Apparently, while we are all in lockdown, new 5G towers are being installed while we’re not looking. That’s just one aspect of it. The other is that the 5G technology is responsible for spreading the virus worldwide?

How could technology do this? Well, according to the conspiracy, there is no virus. The images you have seen of people dying in hospital beds is part of one big hoax. Instead it is 5G technology that is causing the symptoms.

Another variation of the conspiracy theory asserts that radiation from 5G can weaken your immune system to the point that you are more easily infected by COVID-19. After all, the same people have been saying for months that 5G will basically fry your brain.

It’s hard to imagine, is it not, that all the medics, nurses and scientists have been colluding in an elaborate illusion, just to ensure that we think people are ill or dying from the virus?

The conspiracy theorists work from the rather basic principle that since Covid-19 started in China, and so did the 5G rollout, which apparently means 5G is the real source of the worst pandemic any of us have seen. Some have even tried to create timelines connecting the emergence of radio waves in 1916 as the precursor of the 1918 Spanish Flu pandemic, and to connect the introduction of 3G with SARS and 4G with swine flu, before we get to 5G.

Even some news broadcasters have pandered to the idea, showing maps of %G tower installations and claiming there are more Covid cases in these areas. However, this doesn’t support 5G as being the cause. There may be many other factors in those areas contributing to the number of infections, primary among them socio-economics and population density.

And in other fake news, somebody tried to claim that the new Bank of England £20 note features a 5G tower and a symbol for Covid-19. Apart form the Queen, it features the artist J.M.W. Turner. The ‘5G tower’ is actually Margate Lighthouse, a favourite place of the artist, and the so-called Covid symbol represents a staircase at Tate Britain, which houses many of Turner’s works. Just so we’ve cleared that one up.

That hasn’t stopped people from vandalising 5G towers and attacking telecoms workers in the UK and elsewhere. As Forbes contributor Bruce Y. Lee says, “In fact, these 5G-COVID-19 conspiracy theories has gotten so rampant that U.K. government officials actually have had to take time to discredit such theories, which is a wonderful use of time during a public health emergency.”

Making money from the 5G conspiracy

Of course, somebody is benefitting from the 5G conspiracy: Ryan Broderick at Buzzfeed says people are paying $350 for a USB stick that is a ‘bioshield’ against 5G. The vendor, Jacques Bauer, “falsely claims protects people from 5G radiation by converting it into beneficial radiation.” And there are others who have jumped on the same bandwagon, as Broderick rightly names and shames them.

It’s consumer abuse at any time, but while people are dying in the hundreds of thousands worldwide, it is utterly disgraceful to capitalise on people’s fear in this way. In the months to come, people will want answers about how this pandemic truly unfolded, and I’m willing to bet that the experts won’t say, “It was 5G.” However, like the anti-vaxxers (a lot of the 5G conspiracists belong in that camp as well), those who are convinced 5G caused Covid-19 will probably not go away. The best thing we can do is to ignore them.

Coronavirus threatens fintech lenders

We are only just coming out of the last recession, and now we are hurtling into another one at breakneck speed. Countries are going into lockdown one after another, with those that can continue to function with employees working from home, having a distinct advantage over those sectors, such as tourism and hospitality that have been brought to their knees in some places already.

We all know that finance is going to be hugely affected yet again, and with so many people losing employment and therefore their salary, loans are going to be in the spotlight once again. Jeff Kauflin suggests that fintech lenders in the USA may be facing the biggest risks right now, starting with the basic reason — people won’t be able to repay their loans.

Upstart is a fintech-based lender that lends consumers up to $50,000 for purposes ranging from credit card debt consolidation to putting in a new kitchen. However, as the bond-rating agency Kroll reports, “It makes most of its loans to people with below-average credit scores.” Upstart argues that by using alternative data and machine learning to assess risk, it can identify creditworthy borrowers with lower traditional credit scores. It is true that the company has not reported significant defaults over the last year and is in profit, but what will happen to it during a sharp and sudden economic decline?

William Ryan, a managing director at investment bank Compass Point points to the fact that in a crisis, people place repaying personal loans very low on their list of priorities. He says, “People pay their cell phone bills, mortgages, auto loans and credit card bills before personal loans.”

And if the fintechs are not facing defaults, they face is a rapid rise in the cost to fund their loans. Most of them don’t hold banking charters and this means they can’t do what banks do — use customers’ checking accounts to fund loans cheaply. Typically, fintechs borrow from banks to fund their loans and this approach prevents them from holding loans on their own balance sheet, thus reducing their risk.

Another issue the fintechs face is the fact that interest rates for low-grade corporate debt have surged in recent weeks. Together, these factors are already making fintechs lower their growth expectations. Dan Rosen, a founder of fintech-focused venture capital firm Commerce Ventures said: “I was with a bunch of entrepreneurs last week. Most of them had already been having board calls and dramatically changing their plans for originating [new loans].”

The outcome for fintechs depends on the length of a lockdown. Chris Brendler, a senior director of research at CB Insights says that most will be able to survive a one to two-month lockdown, but that if it goes on for three to four months there will be a significant rise in unemployment, as well as

A List Of Fintech Firms Providing Free Technology During The Coronavirus Crisis

Coronavirus, or Covid-19, is preoccupying everyone at the moment, and in different ways. Businesses in almost every sector face a rough ride ahead, as they close offices in response to protecting employees health and responding to government instructions to stay at home and avoid contact with others.

Meanwhile, most of us still need money. We have to pay for food and online products, and for that we depend on bank services. And at this critical time, the more traditional banks have been receiving support from the fintechs, so that they can continue to support their customers.

According to Ron Shevlin writing for Forbes, the fintechs are “extending free, discounted, or accelerated deployment offers to financial institutions.”

So let’s see what some of them are doing.

Active.AI has a pre-built virtual assistant that can be quickly customized with answers specific to the institution. It is offering a 30-day free trial.

Agolo is providing customers with AI-generated summary feeds focusing on the impact of coronavirus on various sectors such asFinance, Energy, Media & Entertainment, Health Care, Info Technology, etc. It is offering these feeds for free on the web and via social media.

Agora Teen is an interesting fintech that specialises in offering white-label solutions for teenager bank accounts pre-opened by parents. It is offering free access to its products.

BillGO helps track, manage, and pay bills in one place and it is offering its Prism app free to help everyone stay on top of their money.

Brace is a borrower platform and it is helping borrowers to seamlessly apply for mortgage assistance in the event that the hardship is caused by COVID-19.

Digital Onboarding is a fintech offering its clients unlimited usage at no extra cost to help educate their customers/members on how to access money and utilise digital services without visiting a branch.

Similarly, Horizn works with financial institutions globally making sure both customers and employees understand and know how to bank digitally. It is providing a discounted short-term licence package of our cloud-based Customer Digital Platform and Digital Demos, and like other fintechs, it is accelerating deployment to get banks up and running within two weeks.

There are many other fintechs who are rallying around the financial sector and helping those institutions that need to react quickly to support customers. It’s a welcome move from fintechs and it can only help to boost confidence in digital banking once we come out the other side of this crisis.