Australia’s corporate regulator, ASIC, has launched legal action against HSBC Australia, alleging failures in addressing 950 reports of unauthorized transactions. Between January 2020 and August 2024, these incidents resulted in customer losses totaling A$23 million, with A$16 million lost in just six months. ASIC claims HSBC took an average of 145 days to respond, lacked adequate controls, and failed to investigate promptly or reinstate banking services. This comes amid a surge in banking scams, with Australians losing A$306.5 million over 12 months. The bank acknowledged the claims and pledged cooperation. ASIC is seeking penalties and declarations against the bank.
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