SMH
·general
·2 hours ago
HSBC drops defense against claims over $100 million in customer scam losses
HSBC will no longer contest claims regarding its failure to protect Australian customers from scams, a shift announced this week ahead of a trial. Customers reportedly lost over $100 million from 2021 to 2024 due to a bank impersonation scam. The Australian Securities and Investments Commission is seeking penalties as HSBC faces increased claims of unauthorized transactions.
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