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HSBC warns of gold impersonation scam

HSBC warns of a gold impersonation scam targeting older and vulnerable customers, involving fake police investigations and significant financial losses.

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English

United Kingdom

InvestmentCybersecurityFraudBankingScam

Hsbc UkPayment Systems Regulator (Psr)Uk Finance

David Callington

How do the scammers operate in this scam?: In this scam, fraudsters impersonate banks, police, or other trusted organizations, convincing victims to buy gold and hand it over for 'safekeeping' as part of a fake investigation.
What type of scam is HSBC UK warning its customers about?: HSBC UK is warning its customers, particularly those over 65 and vulnerable individuals, about a gold impersonation scam.
What are the victims instructed to do, and what is the outcome?: Victims are instructed to purchase gold from legitimate retailers and then give it to the scammers posing as couriers, who claim it's for evidence or safekeeping, resulting in significant financial losses.
Who is HSBC UK primarily contacting with this warning, and why?: The bank is contacting nearly two million customers, mainly those over 65 and vulnerable clients, to warn them about this scam and advise them to be cautious of such requests.
What new rules regarding reimbursement of bank transfer scam victims came into effect in October?: New rules implemented in October mandate banks to reimburse victims of bank transfer scams unless gross negligence is involved, with a reimbursement limit of \u00a385,000, though banks can repay more.

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