Retail banks fully launch Money Safe

The Hong Kong Monetary Authority (HKMA) and The Hong Kong Association of Banks (HKAB) announced today (30 December) that all retail banks (including digital banks) will have fully launched the Money Safe service for individual customers by or before 31 December, and will embark on a series of publicity campaigns.

Money Safe is like setting up a safe within a bank account.  Bank customers can specify the amount of deposits to be protected. When customers need to use the protected deposits, banks will conduct a face-to-face anti-scam verification with the customers, thus offering them a chance to carefully consider whether they have been scammed. Customers can transfer or withdraw the deposits only after completing the process.

Money Safe is suitable for all customer segments. For members of the public with bank deposits that they do not need to use in the near term, they may consider putting them under Money Safe protection. The HKMA will actively promote Money Safe in collaboration with the banking industry, including launching advertisements and various promotional campaigns, to help the public understand and make good use of this new service.

Mr Arthur Yuen, Deputy Chief Executive of the HKMA, said, “Money Safe provides an additional layer of protection for deposits and is a highly useful anti-scam tool. Strengthening bank customers’ ability to protect themselves is a crucial part of our anti-scam efforts. The HKMA will continue to collaborate with the banking sector, law enforcement agencies, and stakeholders to combat scams from all fronts. I urge the public to make full use of Money Safe while always remaining vigilant to prevent scams.”

Ms Rose Kay, Acting Chairperson of HKAB, said, “Enhancing customer protection is one of the HKAB’s priorities this year. With all retail banks fully launching Money Safe, the banking industry will intensify the promotion to encourage wider adoption of Money Safe. The banking industry will continuously strengthen various anti-fraud measures and public education, joining hands with the HKMA and law enforcement agencies to combat scams.”