HSBC's Unit Sued by ASIC Over Systemic Failures in Scam Prevention

HSBC Holdings plc’s (HSBC) Australia unit, HSBC Bank Australia, has been sued by the Australian Securities 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 AustraliaAccording 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 ...