“HSBC Safeguard Update” Phishing Scam

Outline:
Email purporting to be from UK banking group HSBC claims that you must click a button to allow HSBC Safeguard to protect your account from financial crime and online fraud. It warns that the bank has temporarily disabled your online and physical services until you complete your HSBC Safeguard action.



Analysis:
The email is not from HSBC and the claim that your account will be disabled until you update HSBC Safeguard is untrue. Instead, the email is a phishing scam designed to steal your personal and financial information.

HSBC Safeguard is a real security initiative offered by the bank. But, in this case, the scammers have used the name of this genuine security initiative as a means of adding credibility to their message.

If you click the “Update” button, you will be taken to a fraudulent website that first asks for your HSBC  login details and then requests that you fill in an “account update” form. The form asks for your credit card and banking details along with other personally identifying information.

All of the information you supply will be collected by criminals and used to hijack your money, commit credit card fraud, and steal your identity.

Phishing scams like this one are very common. HSBC has published information about phishing scams and how to report them on its website.



Example:
Action Required
In a world that’s more advanced than ever, there’s an even greater need for online security. HSBC Safeguard is a series of protocols that safeguard your valuable money and savings from financial crime and online fraud. To allow it to protect you and your money from any online danger, we are required to update it time by time with the latest customer record so that accurate actions can be taken in the time of need. We have temporarily disabled your online and physical services until you complete your HSBC Safeguard action.
Please click on “Update now” button below to continue your HSBC Safeguard protection by updating it to latest record.
Update now
Please note: If any account fails to update the details within 24 hours, HSBC Safeguard will consider it as a security breach and account will be temporarily locked down.Thank you,
HSBC.HSBC Safeguard Update Phishing Scam

Last updated: November 24, 2016
First published: November 24, 2016
By Brett M. Christensen
About Hoax-Slayer

References
HSBC – Report a problem
PHISHING – HSBC Bank ‘Account Monitoring Process’ Email
HSBC ‘Password Entered Incorrectly’ Phishing Scam
Phishing Scams – Anti-Phishing Information