Telco Escapes Penalty for Bank Scam Texts

Scams

19 Jun 2026

HSBC customers got fake texts from 2020 to 2024.

Short version

HSBC scam victims criticize the regulator.

The Australian Communications and Media Authority found Telesign broke the scams code.

Next steps

The government plans to change the rules so the ACMA can fine telcos without warning.

A global telco did not stop scam texts and faced no consequences.

HSBC customers lost millions to a bank impersonation scam.

The regulator's lack of action raises questions about its powers.

HSBC admitted it failed to protect customers and agreed to a $35 million penalty.

New scam figures show some progress, but not enough.

HSBC customers reported over $34 million in losses from January 2020 to August 2024.

Scam texts claimed to be from HSBC and asked customers to call a fake fraud team.

When customers called, scammers got access to their accounts and stole money.

The fake texts looked like real ones from the bank.

The ACMA found Telesign let 1,121 scam messages pass through its network without telling the regulator.

Telesign says it helps SMS texts reach customers worldwide.

Telesign did not share information about over 11,000 scam messages.

Telesign was only warned by the ACMA to comply with the scams code.

The regulator said this was the strongest action it could take for a first-time offense.

Only a second breach can result in a fine of up to $250,000.

The ACMA did not mention the HSBC scam when it announced its findings.

Telesign's involvement was only revealed when the ABC asked the regulator about it.

A Sydney woman lost almost $50,000 to the scam.

Sunni Wan lost money after responding to a fake text message.

It took Ms. Wan almost a year to get her money back from HSBC.

She finds the lack of consequences for Telesign concerning.

She said it's upsetting.

A consumer advocate said the fake texts were the 'gateway' to the scam.

The advocate criticized the ACMA for not naming Telesign's involvement.

She finds it disappointing and unhelpful.

The advocate had called on the ACMA to investigate the HSBC scam in March 2024.

She believes the regulator was too slow to act.

The advocate thinks the regulator could have acted sooner.

Another advocate said there's a contrast between the lawsuit against HSBC and the ACMA's response.

The advocate is concerned about the ACMA's lack of powers.

The ACMA was not available for an interview.

The regulator said it rejects any suggestion that it failed to act promptly.

In March 2024, the ACMA examined how the HSBC scam worked.

Australian HSBC customers lost tens of millions of dollars.

The ACMA put HSBC on a pilot to reduce impersonation scams.

The regulator defended the time its investigation took.

It did not say why it did not mention Telesign's involvement.

The ACMA said its investigations are complex and take time.

Telesign regretted allowing the fake messages to pass through its platform.

Telesign said it has strengthened its processes to protect users.

Tougher penalties are coming.

The Albanese government plans to change the rules so the ACMA can fine telcos without warning.

A new register will help people identify legitimate text messages.

Australians lost over $2 billion to scammers in 2025.

The SMS Sender ID Register will brand legitimate messages.

An industry peak body believes the new register will make a difference.

If a sender ID is not registered, the message will say 'unverified'.

Another change will be the scam prevention framework.

The framework will set tougher obligations on telcos to detect and prevent scams.

An Albanese government spokesperson said the ACMA plays an important role in preventing scams.

19 Jun 2026

Dinleme pratiği

Dinleme pratiği