HSBC Hack Leaves American Customers Exposed: What Happens Now?

08/11/2018 17:09:46
In a regulatory filing on Tuesday November 6th, HSBC Bank admitted that hackers gained access to a number of United States customer accounts in early October of this year, although the extent of the data breach and the amount of money stolen is yet unknown. Sources estimate that there could potentially be 12,000 American HSBC account holders at risk.

“HSBC regrets this incident, and we take our responsibility for protecting our customers very seriously.” an HSBC spokeswoman said. “We have notified customers whose accounts may have experienced unauthorized access and offered them one year of credit monitoring and identify theft protection service.”

Banks and financial institutions are commonly a victim of cyber-attack for obvious reasons. Considering the amount of personal and financial information banks store, hackers often get away with much more than money! What’s up for grabs when you login to view your bank statement or make a payment? When we logged into a personal bank account, we discovered a full name, account numbers and balances, phone number, mailing and work addresses, date of birth, transaction history and email address– and that’s just the readily  available information.

The potential uses for stolen financial information is endless and those affected could potentially be dealing with this issue for years!  A few of the uses for stolen PII include:

•    Identity theft
•    Fraudulent tax returns
•    Fraudulent loan applications
•    Counterfeit credit cards
•    Fraudulent bill payment
•    Money transfer or ATM withdrawal
•    Insurance claims
•    Online purchases
•    Launch of spam & phishing attacks
•    Blackmail & extortion

There are quite a few things you can do to protect your money and information in the event of bank hacks and even protect your information from your own bank.

•    Check your accounts and statements daily.
•    Turn paper statements on.
•    Research customer service standards when choosing a bank.
•    Keep your banking information private.
•    Don’t reuse passwords from other less secure sites for your banking information.
•    Use strong passwords & two-factor authentication.
•    Be careful WHERE you access your bank information.

About Sangfor
Founded in 2000 and a publicly traded company as of 2018 (SANGFOR STOCK CODE: 300454 (CH)) Sangfor Technologies is the global leading vendor of IT infrastructure solutions specializing in Network Security & Cloud.

Sangfor is an expert in securing organizations with over 65000 customers all around the world. For more information about how Sangfor can guide you toward more serious and comprehensive network security, please visit our website

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