ASIC said HSBC Australia’s failings were widespread and systemic. — Reuters
Australia’s markets watchdog sued HSBC Bank of Australia Ltd for failing to protect customers who lost millions of dollars in scams.
HSBC received about 950 reports of unauthorised transactions between January 2020 and August 2024, resulting in customer losses of about A$23mil (US$14.6mil/RM65.12mil), according to an Australian Securities and Investments Commission statement Monday. Around A$16mil (RM45.53mil) of this occurred in the six months from October 2023 to March 2024.
