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HSBC triples cool-off period to curb gambling addiction

HSBC has tripled their cool-off period from just 24 hours to 72 hours through their gambling spend block feature

The high-street bank has tripled the cooling-off period from 24 hours to 72 hours for its cooling-off period. International bank HSBC has targeted lockdown gamblers in a new initiative to support problem gamblers.  This is said to be a reaction to the increase of gambling GGY in October. 

The high street bank had launched the spending block back in 2020 in bid to address gambling related addiction which can often harm the financial welfare of gamblers.  

Other banks have also adopted similar initiatives in bid to support problem gamblers. For instance, Natwest had introduced a 48-hour delay gambling block on debit cards back in October 2020. Barclays had also adopted a similar scheme by introduced a 72-hour cool off period. This means that if a customer proceeds to spend on gambling websites or apps there will be a 72-hour wait before they can make any sort of payment. Evidently, HSBC has amply followed suit. 

Recently, The Lancet Public Health journal have published their January 2021 report; highlighting concerns over "urgent, neglected, and understudied" gambling problems.

Source: EGR Intel

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