Yahoo Finance Warning over HSBC scam that could cost you $50,000
Customers are being warned to watch out for scam text messages and calls that could cost them thousands.
A warning has been issued for HSBC customers over scammers who are contacting them and pretending to work for the bank.
Yahoo Finance has spoken to multiple HSBC customers who have each lost $50,000 after falling for a fake text message or call purporting to be from the bank. The text message often claims a new device has logged into the customer’s account, or claims a payment has been made from their account. It then includes a number to call if this wasn’t them.
The Australia Competition and Consumer Commission’s (ACCC) Scamwatch has now issued a warning to customers over the scam and has shared examples of the scam text messages.
“Scammers are targeting HSBC customers with scam calls or texts that appear to be from their bank,” Scamwatch said. “Don’t share your banking info to anyone over the phone. Instead, contact your bank directly using details you find on their official website or app.”
The spoofed messages may appear to be sent by HSBC and can appear in the same thread as previous legitimate alerts from the bank.
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Yahoo Finance first reported on this scam in November, after hearing from a Melbourne couple who were conned out of $50,000 just weeks before they were due to settle on their first home.
The couple received a phone call from a man purporting to work for HSBC’s fraud team. He claimed there had been an unusual transaction on their account and convinced them to provide usernames and passwords over the phone.
Scam victim Gerald Chin told Yahoo Finance he fell for the scam in November after receiving a fake text message that claimed a new device had logged into his account.
The Sydney customer ended up losing nearly $50,000 to the ordeal and said the experience had left him struggling to pay his mortgage.
“It’s taking a toll on me, mentally. I personally feel let down by the system,” Chin said.
A HSBC spokesperson said they were taking the scams “very seriously” and were “investing heavily” to protect customers.
“We continue to educate our customers, and again strongly remind the public that HSBC will never ask you to provide your PINs, passwords or verification codes on a phone call, in response to a text message or email,” the spokesperson told Yahoo Finance.
“Bank customers need to be vigilant about the ever-changing scam landscape. If HSBC customers are ever in doubt, or believe their details have been compromised, we ask that they go to the HSBC website and use the contact details listed.”
Australians lost more than $455 million to scams in 2023, Scamwatch data found, with more than $25 million lost to phishing scams, where scammers try to trick people into giving their personal information such as bank numbers and passwords.
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