Major bank to pay $35m penalty for scam protection failuresThe corporate regulator said the outcome is ‘one of the first of its kind globally’.3 min read

7NEWS

Jun 18

HSBC Bank Australia has agreed to pay a $35 million penalty after admitting it did not protect customers from scams that cost some victims their life savings.HSBC failed to maintain control of its ...

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Australia has agreed to pay a $35 million penalty after admitting it did not protect customers from scams that cost some victims their life savings.HSBC failed to maintain control of its ...</p>\n\n<a href=\"https://7news.com.au/news/hsbc-to-pay-35-million-penalty-over-failure-to-protect-customers-from-scams-c-22452130\">Source Link</a>\n\n</div>\n","source":"7news_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Major bank to pay $35m penalty for scam protection failuresThe corporate regulator said the outcome is ‘one of the first of its kind globally’.3 min read</title>\n<style 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after admitting it did not protect customers from scams that cost some victims their life savings.HSBC failed to maintain control of its ...</p>\n\n<a href=\"https://7news.com.au/news/hsbc-to-pay-35-million-penalty-over-failure-to-protect-customers-from-scams-c-22452130\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4585","symbol_name":"ETF&股票定投概念","start_time":0,"source_url":"https://7news.com.au/news/hsbc-to-pay-35-million-penalty-over-failure-to-protect-customers-from-scams-c-22452130","article_id":"2644700793","we_media_id":null,"thumbnails":[],"rights":{"source":"7news_stock","url":"https://7news.com.au/news/hsbc-to-pay-35-million-penalty-over-failure-to-protect-customers-from-scams-c-22452130","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2644700793","pubTimestamp":1781712000,"columns":[],"sourceInfo":{"source_id":"7news_stock","name":"7NEWS"},"weMediaInfo":null,"summary":"HSBC Bank Australia has agreed to pay a $35 million penalty after admitting it did not protect customers from scams that cost some victims their life savings.HSBC failed to maintain control of its 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ACC"},"translate_title":"主要银行将因诈骗保护失败而支付3500万美元罚款企业监管机构表示，这一结果是“全球首例”。3分钟阅读","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HSBC":0.9,"HSBH":0.6,"ASIC":1},"content_text":"HSBC Bank Australia has agreed to pay a $35 million penalty after admitting it did not protect customers from scams that cost some victims their life savings.HSBC failed to maintain control of its internal transfer system where significant client losses occurred, Federal Court Justice Elizabeth Bennett found, while the bank conceded it had breached the ePayments code by taking too long to investigate scam reports — about 144 days on averageIt also did not correctly apply rules when determining if customers or banks should bear the losses of scams, and admitted it did not have proper avenues in place for customers to regain access to their accounts once locked out by an incident.Know the news with the 7NEWS app: Download today ArrowThe matter was heard in the Federal Court on Thursday, where Justice Bennett said the breaches were serious and that the $35 million financial penalty was appropriate.HSBC was aware as early as May 2021 that scammers were impersonating their staff, and admitted it failed to protect customers from financial and non-financial harm.Australian Securities and Investments Commission (ASIC) chair Sarah Court said victims were collectively left tens of millions of dollars out of pocket and had to wait months to find out what happened to their money, causing stress, guilt and panic.The Federal Court has ordered HSBC Bank Australia to pay a $35 million penalty after the bank admitted to serious failures in protecting customers from scams. Credit: Mick Tsikas/AAPMore than 1000 reports of unauthorised transactions worth $34.6 million were made between January 2020 and August 2024.Among those scammed was a 51-year-old dental technician ($47,000), and Victorian couple in their 50s who had $48,000 transferred from their home loan.HSBC customers previously told 7NEWS.com.au how they had been targeted in cruel scams and felt unheard.Be the first to know: Add 7NEWS as your preferred news source on GoogleA Sydney man’s surprise plan to take his parents overseas was dashed when $50,000 was stolen in a cruel scam, and a Melbourne woman’s dream of home ownership was reduced to rubble in just moments when the same amount vanished from her account.HSBC responds to $35m penaltyHSBC said in a statement it was pleased to have reached an agreement to resolve proceedings.“We apologise to our customers who were impacted by these events,” a HSBC spokesperson said on Thursday.“We are pleased to have reached an agreement to resolve the proceedings with ASIC, which recognises our customer redress program and the significant enhancements made to our fraud and scam prevention, detection and response.”The bank has also been ordered to publish their wrongdoings through its digital platforms and in letters to customers.ASIC chair Sarah Court said customers were collectively left tens of millions of dollars out of pocket. Credit: Diego Fedele/AAPCourt said the outcome is “one of the first of its kind globally”.“The $35 million penalty ordered against HSBC is the strongest scam wake-up call yet to the banking industry,” Court said.“Banks have been well on notice about the risks of scams for some time. “They have now been given a clear message to have adequate controls and ensure their interactions with scam victims help – not hinder.”The corporate watchdog, which commenced civil penalty proceedings against HSBC Bank Australia, said that to date the bank had paid about $21.5 million compensation through the remediation program, and more would come before the end of July.The bank has also recovered and returned $6.5 million in customers.Parents of kids hit and killed by car make extraordinary call2 min readAussie brand to shut after 14 years as ‘killing season’ bites3 min read","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}