HSBC Australia is being sued by market regulator ASIC after the bank allegedly failed to adequately protect customers from scams.
HSBC is being sued after it allegedly failed to adequately protect customers from scams, costing Australians $23 million in savings.
HSBC Australia is being sued by market regulator ASIC after it allegedly failed to adequately protect customers from scams. Picture: David Clark "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.
The regulator also alleged that each of the approximately 950 reports of unauthorised transactions took an average of 145 days to investigate, well above the 45-day timeframe outlined by the ePayments Code.
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