The Australian Securities and Investments Commission (ASIC) has warned Australians about bank impersonation scams, which use communications appearing to come from trusted financial institutions to pressure customers into transferring money, sharing security credentials or clicking links. Between Jan. 1 and May 31, 2026, the National Anti-Scam Centre received 4,278 reports of such scams, involving losses of AUD 2.48 million. The warning follows a Federal Court order requiring HSBC Bank Australia Limited to pay an AUD 35 million penalty after it admitted significant failures in protecting customers from scams and responding to scam reports. ASIC emphasized banks’ role in protecting customers and preventing misuse of their brands, while advising consumers to stop before sharing money or information, independently verify who is contacting them and report suspected scams.
2026-08-24Australian Securities & Investments Commission
Australian Securities and Investments Commission warns of bank impersonation scams after 4,278 reports
The Australian Securities and Investments Commission warned Australians about bank impersonation scams after 4,278 reports involving AUD 2.48 million in losses from Jan. 1 to May 31, 2026. The warning follows an AUD 35 million penalty against HSBC Bank Australia for significant failures in protecting customers and responding to scam reports.