Hong Kong Banks Launch ‘Money Safe’ to Bolster Anti-Scam Measures

The Hong Kong Monetary Authority (HKMA), in collaboration with The Hong Kong Association of Banks (HKAB), has announced the full deployment of the ‘Money Safe’ service across all retail banks, including digital institutions. This initiative is aimed at enhancing deposit protection and mitigating scam risks for individual customers, according to the Hong Kong Monetary Authority.

Enhancing Customer Safety

The ‘Money Safe’ service functions like a secure vault within a bank account, allowing customers to designate specific deposits for protection. When these funds are accessed, banks will perform an in-person anti-scam verification process, offering customers a moment to reconsider potential scams. Only after this step can customers proceed with transferring or withdrawing the funds.

Comprehensive Public Campaign

HKMA plans to actively promote the ‘Money Safe’ service through a series of advertisements and public campaigns, ensuring widespread understanding and utilization of the service. This initiative is particularly beneficial for customers with deposits they do not intend to use in the near term, providing an additional layer of security.

Industry Collaboration

Arthur Yuen, Deputy Chief Executive of the HKMA, emphasized the importance of ‘Money Safe’ as an effective anti-scam tool, reinforcing the ability of bank customers to protect themselves. HKMA will continue to work closely with the banking sector, law enforcement, and other stakeholders to combat scams comprehensively.

Rose Kay, Acting Chairperson of HKAB, highlighted the priority of enhancing customer protection within the banking industry. With the full launch of ‘Money Safe’, the industry aims to intensify promotional efforts to encourage broader adoption. Continuous efforts will be made to strengthen anti-fraud measures and public education in collaboration with HKMA and law enforcement.

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