The Australian Securities and Investments Commission (ASIC) is suing HSBC Australia for alleged "widespread and systemic" failures to protect customers who were scammed out of millions of dollars.
ASIC claims that HSBC failed to have adequate controls to prevent and detect unauthorized payments and failed to comply with its obligations to investigate and rectify customer reports of unauthorized transactions in a timely manner. Between January 2020 and August 2024, HSBC received 950 reports of such fraud, which resulted in about $23 million in total customer losses.
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