Data breaches have become all too common in the finance and technology industry. Not a year goes by without multiple major incidents taking place. HSBC, one of the world’s largest banks, has informed customers their accounts may have been compromised. This dates back to incidents first report a month ago.

It is not the first nor the last time a major bank falls victim to a data breach. This seems to happen rather regularly, yet that doesn’t mean these incidents should be brushed off. Some HSBC customers are no longer able to access their online banking accounts. Unauthorized individuals gained access to an undisclosed amount of financial and personal information.

Another Setback for Many HSBC Customers

According to HSBC, the incidents took place between October 4th and October 14th. The exact details are still unknown at this time. Affected users have had their account suspended to protect consumers from any sort of harm. The leaked information includes full names, addresses, email address, dates of birth, statement history, and so forth.

HSBC US Head of Media Relations Rob Sherman adds:

“HSBC regrets this incident, and we take our responsibility for protecting our customers very seriously. We responded to this incident by fortifying our log-on and authentication processes, and implemented additional layers of security for digital and mobile access to all personal and business banking accounts. We have notified those customers whose accounts may have experienced unauthorized access, and are offering them one year of credit monitoring and identity theft protection service.”

The bigger question is how this incident was facilitated. It is unlikely so many users decided to visit the same dodgy website at the time of this incident. Instead, it would appear credentials have been leaked otherwise. Another option is how criminals obtain personal information from a third party to access online banking accounts through the account recovery system.

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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