HSBC will cough up nearly $25m after leaving customers in Australia exposed to a high risk of scams through protection failures.

HSBC customers who became victims of a long-running "spoofing" scam hope the bank will take full responsibility for its "system failures" in Federal Court this week.

The Australian arm of the international bank admitted it had failed to protect its customers from criminals who scammed them out of their life savings.

HSBC will cough up nearly $25m after leaving customers in Australia exposed to a high risk of scams through protection failures.

More than 1000 of HSBC’s Australian customers were targeted by the scheme where scammers used text messages and spoofed numbers to convince customers to transfer large sums of…