A spectre is haunting the financial world. Bankers are huddling with lawyers, some careers have been left in tatters, and a flurry of subpoenas have reportedly been issued by the SEC, which might lead to substantial penalties.

But this scandal doesn’t involve mis-selling, malfeasance or misappropriation. It arises from mundane messaging. The SEC believes that bankers are conducting business with unauthorized communication tools, such as iMessage or WhatsApp, from personal devices. And that’s a no-no.