In a world that’s more connected than ever, there’s an even greater need for security, as criminals have more opportunities to misuse the financial system. Financial crime is a threat that faces businesses of all sizes and has a significant impact on the global economy.

 

3.6 percent of global GDP is from financial crime. UK businesses lose an estimated GBP14 billion annually due to fraud. Estimated value of global money laundering transactions: USD1-2 trillion. 55 percent of UK businesses have been victimised by financial crime over the past two years.  Key types of financial crime: Sanction breaches, insider trading, terrorist financing, bribery, corruption and money laundering.

 

What are we doing to help you stay safe?

  • Recruiting a powerful team of financial crime specialists to identify threats
  • Equipping every one of our employees with the tools and abilities to protect both customers and the system from exploitation
  • Working closely with regulators and law enforcement agencies around the world to share intelligence and identify threats
  • Staying ahead of criminal enterprises – whether it’s touch and voice ID or intelligent use of data, we have invested in state-of-the-art technology to spot patterns of suspicious behaviour across our global footprint.

But we need our customers’ help. Our global systems are best able to provide customers with world-class protection against financial crime when we have their most up-to-date information. So we are updating our records. We need to make sure that the transactions we carry out for customers are based on genuine requests. This means that we need up-to-date information, even from our most loyal customers, to help detect fraudsters.

 

HSBC will be working to reach 60,000 customers to gather information. Customers are advised to confirm or update existing details, including information on company structure. Customers must provide an updated proof of identification to banks like HSBC. Customers must also support new information with original copies of official documents.

 

Sources:

1HSBC Safeguard video

2PwC

3UK Fraud Costs Measurement Committee, Annual Fraud Indicator 2016

4PWC Global Economic Crime Survey 2016

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