HSBC's Unit Sued by ASIC Over Systemic Failures in Scam Prevention [Yahoo! Finance]
HSBC Holdings, plc. (HSBC)
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Source: Yahoo! Finance
and Investments Commission (“ASIC”) for failing to protect its customers from losing millions of dollars in scams. ASIC's Findings and Allegations Against HSBC Bank Australia According to ASIC's report from Monday, HSBC received approximately 950 reports of fraudulent transactions between January 2020 and August 2024, which resulted in a total loss of around A$23 million ($14.6 million) for its customers. Of this total amount, almost A$16 million ($10.2 million) was lost during the six months starting from October 2023 to March 2024. ASIC added that HSBC takes around 145 days to investigate complaints related to scams that are lodged by its customers. HSBC Australia failed to have adequate controls in place to prevent and detect unauthorized payments and failed to comply with its obligations to investigate customer reports of unauthorized transactions within the specified timeframes required and to promptly reinstate their banking services in a timely manner, per the ASIC repo
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HSBC
Sec Filings
- 12/20/24 - Form 6-K
- 12/19/24 - Form 6-K
- 12/18/24 - Form 6-K
- HSBC's page on the SEC website