ASIC sues HSBC Australia for failing to protect its customers from fraudulent activities and seeks penalties and measures to prevent future...

The corporate watchdog is suing HSBC Australia over scam failures which led to unauthorised transactions which cost the bank's customers $23 million.

The corporate watchdog is suing HSBC Australia over scam failures which led to unauthorised transactions which cost the bank's customers $23 million.

The scam escalated sharply, netting almost $16 million between October 2023 and March 2024, with some victims losing more than $90,000 each.

The regulator says the bank lacked the protection systems to detect unauthorised transactions and breached its obligations to investigate suspect...

The regulator says the bank lacked the protection systems to detect unauthorised transactions and breached its obligations to investigate suspect...

Customers lose $16m in six months.