The Hong Kong Monetary Authority (HKMA) and 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 similar to 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 face-to-face anti-scam verification with customers, offering them an opportunity to carefully consider whether they may have been scammed. Customers can transfer or withdraw the deposits only after completing the process. Money Safe is suitable for all customer segments. Members of the public with bank deposits that they do not need to use in the near term may consider placing them under Money Safe protection. The HKMA will actively promote Money Safe in collaboration with the banking industry, including through advertisements and various promotional campaigns, to help the public understand and make effective use of the service. 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 other stakeholders to combat scams from all fronts. I urge the public to make full use of Money Safe while remaining vigilant at all times to prevent scams.” 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 promotion to encourage wider adoption of the service. The banking industry will continue to strengthen anti-fraud measures and public education, working closely with the HKMA and law-enforcement agencies to combat scams.” Re-disseminated by The Asian Banker
