Hang Seng Bank (‘Hang Seng’) is committed to safeguarding customer assets. To further strengthen fraud prevention, the Bank has launched its “Money Safe” Account, adding an extra layer of protection for personal banking customers. Customers who open a “Money Safe” Account via the Hang Seng Mobile App or at a branch will also be eligible to enter a lucky draw1 for a chance to win attractive prizes.

“Money Safe” is a new anti-fraud and scam security feature introduced under the guidance of the Hong Kong Monetary Authority (HKMA). It allows customers to lock some or all of their deposits in a dedicated “Money Safe” Account, protecting funds from scams. Money locked in “Money Safe” cannot be withdrawn or transferred via online banking, phone banking, or ATMs. To access or unlock these funds, customers must visit a Hang Seng branch in person for identity verification and additional authentication. Likewise, cancelling the account or reducing the locked amount must be completed in person at a branch.

Hang Seng was among the first banks to pilot an interim “Money Safe” measure in May this year, initially offering the service at designated branches to personal banking customers aged 65 or above. The bank has now extended full availability to all personal banking customers. The service covers individual and joint current, savings, and time deposit accounts in Hong Kong dollars, renminbi, and major foreign currencies. Deposits locked in “Money Safe” savings account will continue to earn interest at the bank’s prevailing rates, and customers can enjoy higher rates by placing time Deposits. Rannie Lee, head of wealth and personal banking of Hang Seng, said: “Hang Seng is committed to anti-fraud efforts in our community. By working closely with the HKMA to launch ‘Money Safe’ across the bank, we’re providing customers with an additional safety net to help prevent avoidable financial losses. We encourage customers who want extra protection to use this service – it preserves deposit interest while significantly lowering scam risk. We will continue to invest in anti-fraud technology and public education to stay ahead of evolving threats.”

From now until 31 March 2026, customers who open a “Money Safe” Account via the Hang Seng Mobile App or at any branch and meet the specified conditions will receive one lucky draw entry for a chance to win the following prizes:

Grand Prize: ‘Golden Fortune’ God of Wealth Ornament × 1 (2 winners) Second Prize: Smart Speaker × 1 (10 winners) Third Prize: HKD 500 ($64) Shopping e-voucher (20 winners)

In 2025, Hang Seng leveraged AI systems for real-time monitoring of suspicious activities, successfully intercepting nearly HKD 300 million ($38 million) in suspected fraudulent transfers. In July this year, the bank introduced a market-first Fraud Protection Specialist Team. The team comprises more than 30 members - over half are experienced retired bankers, who provide in-person scam-prevention advice at designated branches. From July to October, the team helped protect over 800 customers from fraud, including a case involving nearly HKD 1 million ($128,700).

Re-disseminated by The Asian Banker