HSBC saga drags on for scam victims after $35 million ASIC settlement — Capital Brief
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ASIC extracted a sizeable penalty after the global bank admitted it failed to protect customers from systemic fraud but some victims face an uphill battle to get their money back.
HSBC scam victims are still waiting to be compensated.
EPA/Wallace Woon.
HSBC scam victims aren’t hopeful they will ever be fully compensated after ASIC fined the British banking giant $35 million for serious failures protecting its customers.
Some customers who accepted partial settlements are waiting to find out if they will ever fully recover their losses after being exploited by a sophisticated spoofing scam that exposed systemic vulnerabilities in HSBC’s defences.
“They haven’t acted above board since the very start, so what would be the impetus for them to do the right thing now?” Julie Khoo told Capital Brief.
Khoo was targeted by the scammers in October 2023, just a couple of months after her father died. Contacted by scammers impersonating HSBC staff and spoofing HSBC’s caller ID and text threads, she lost $50,000.
Topics:
Banking,
Financial services,
ASIC,
Regulation
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