Australia's corporate regulator has initiated legal action against the local affiliate of the global bank HSBC , claiming it failed to correctly respond to about 950 reports of customers losing close to a million dollars or more.

HSBC's Australian unit is being sued by the country's securities watchdog agency for failing to protect local customers from scams, resulting in A$23 million (US$14.65 million) of losses. The Australian Securities and Investment Commission (ASIC) lodged a claim against HSBC Bank Australia in the Australian federal court on Monday in relation to 950 reports totalling A$23 million over a five-year period from January 2020 to August 2024.

Australia’s markets watchdog sued HSBC Bank of Australia Ltd. for failing to protect customers who lost millions of dollars in scams.

Australia’s corporate regulator is suing multinational banking giant HSBC for allegedly failing to adequately protect customers who lost millions of dollars to scams.

ASIC claims some customers of the international bank lost $90,000 due to scammers, after warning it of suspicious activity on their accounts.

Global bank HSBC is being sued by regulator Australian Securities and Investment Commission over claims it failed to respond adequately to around 1000 reports of suspicious account activity from customers, some of whom were scammed out of A$90,00 ($99,000) or more.

HSBC Australia is being sued by ASIC in a landmark case over claims it did not adequately shield customers from being scammed out of millions of dollars.

ASIC has launched legal proceedings against HSBC Bank Australia, alleging systemic failures in protecting customers from financial scams.

HSBC Bank Australia Limited (HSBC Australia) failed to adequately protect customers scammed out of millions of dollars, according to documents filed

The corporate watchdog is suing HSBC Australia over scam failures which led to unauthorised transactions which cost the bank's customers $23 million.