Global telco escapes penalty for bank scam texts despite customers losing millions (opens original article in a new tab)

A global telco failed to stop scam texts leading to millions in losses, but faced no penalties, while HSBC paid a $35 million fine and regulatory changes are proposed to strengthen scam prevention measures.

• Global telco Telesign allowed 1,121 scam messages impersonating HSBC to pass through its network
• ACMA did not fine Telesign but only warned it to comply with scams code
• HSBC agreed to $35 million penalty in Federal Court for failing to protect customers from scams
• Proposed government changes would give ACMA stronger powers to penalize telcos for scam messages
• ACMA did not mention Telesign's involvement in HSBC scam during its investigation announcement