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The Australia n Securities and Investments Commission is suing banking giant HSBC, alleging it failed to safeguard 950 Australia n customers who collectively lost millions of dollars to scams. In a statement released on Monday, the corporate watchdog reported the total losses involved amounted to $23 million over a five-year period, from January 2020 to August 2024.
Deputy Chair Sarah Court, nearly $16 million of the losses occurred within just six months, between October 2023 and March 2024. “We allege that from at least January 2023, HSBC Australia was aware of the risks of unauthorised transactions occurring and that there were gaps in their fraud controls. This resulted in some customers getting scammed out of $90,000 or more,” Court said.
alleges HSBC failed to prevent and detect unauthorised payments or promptly investigate customer reports of unauthorised transactions. On average, the bank took 145 days, almost five months, to complete an investigation and 95 days to fully restore customers’ access to their bank accounts. In one case, a customer waited 542 days to have full access restored. Many scams occurred after scammers gained access to accounts by impersonating HSBC Australia staff from about mid-2023.
investigation, which found that HSBC had delayed its response to scammers.
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