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HSBC Sued for \$23 Million in Scam Losses Due to Systemic Fraud Control Failures
Australia's corporate regulator is suing banking giant HSBC for failing to protect hundreds of customers who lost over \$23 million to scams between January 2020 and August 2024 due to alleged systemic gaps in its fraud control systems, slow investigations, and inadequate prevention measures.
HSBC Sued for \$23 Million in Scam Losses Due to Systemic Fraud Control Failures
Australia's corporate regulator is suing banking giant HSBC for failing to protect hundreds of customers who lost over \$23 million to scams between January 2020 and August 2024 due to alleged systemic gaps in its fraud control systems, slow investigations, and inadequate prevention measures.
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