ASIC has launched court action against HSBC, claiming failures at the major bank led to the loss of $23 million over four years. The lawsuit alleges HSBC failed to protect customers, with some losing their life savings. The regulator says HSBC had significant, widespread, and systemic shortcomings that resulted in customers being scammed. Delays in fraud investigations and slow responses to scam reports were also highlighted. This is the first time ASIC has taken legal action against a bank for widespread compliance failures. HSBC Australia has been criticized in the past for its handling of fraud claims. Australians lost $2.74 billion to scams in 2023, with the majority of losses borne by customers. Laws are being introduced to establish a scam prevention framework with fines of up to $50 million for businesses that do not take reasonable steps to prevent, respond to, or report scams.
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Police ramp up desperate search for Molly Noonan-Medley, 8, after child vanished almost 7 weeks ago
Police are intensifying their search for eight-year-old Molly Noonan-Medley, who was last seen in Woonona, south of Sydney almost seven weeks ago. Authorities believe she is with an adult known to her, prompting an immediate investigation by Wollongong Police District. NSW Police are appealing for public assistance to locate Molly, describing her as caucasian, 120cm tall, with blue eyes and blond/brown hair, while the woman she is believed to be with frequents Woonona, Wollongong, and...
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