HSBC Australia Sued for ‘Widespread' Anti-Fraud Failings

Banking giant HSBC is facing a lawsuit in Australia over alleged fraud-prevention failures.The Australian Securities and Investments Commission (ASIC) announced Monday (Dec. 16) that it was suing HSBC Australia, accusing the bank of failing to have proper controls to identify and stop unauthorized payments. “We allege HSBC Australia’s failings were widespread and systemic, and the bank failed to protect its customers,” ASIC Deputy Chair Sarah Court said in a news release.“We allege that from at least Januar ...