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flag HSBC faces lawsuit for $42M customer scam losses due to ignored security warnings.

flag HSBC failed to address warnings from its fraud experts about a security flaw, leading to customers losing millions in scams. flag The Australian Securities and Investments Commission (ASIC) is suing HSBC's local subsidiary for failing to protect customers, with losses totaling $42 million in the 2023 financial year and the first nine months of 2024. flag Documents show fraudsters used HSBC accounts to transfer funds to Pakistan.

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