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HSBC CEO Ian Stuart reveals the bank is under relentless cyberattacks, making cybersecurity its largest expense. Fraud cases are rising globally, impacting customer trust and satisfaction.
- HSBC's cybersecurity spending is now its largest operational expense due to relentless hacking attempts.
- 29% of US bank customers and 22% of credit card users experienced fraud in the past year, per J.D. Power.
- Only 46% of bank customers were recently asked to engage in fraud prevention measures, indicating gaps in awareness.
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