<ul><li>The Australian Securities and Investments Commission (ASIC) is taking legal action against HSBC Australia over alleged systemic failures in protecting customers from financial scams.</li><li>ASIC claims that HSBC failed to implement adequate controls to prevent unauthorized transactions and did not promptly investigate scam reports or reinstate access to blocked accounts.</li><li>Between January 2020 and August 2024, HSBC received around 950 reports of unauthorized transactions, resulting in customer losses of A$23 million.</li><li>ASIC is seeking court orders for declarations of contraventions, pecuniary penalties, and adverse publicity measures against HSBC Australia.</li></ul>

ASIC Sues HSBC Australia Over Scam Failures Leading to A$23 Million in Losses

Discover more