The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) announced on 30 December that all retail banks, including digital banks, will have fully launched the Money Safe service for individual customers.
Banks will also undertake a series of publicity efforts to raise awareness of the service.
Money Safe lets customers protect a portion of their deposits.
Banks require a face-to-face anti-scam verification before allowing withdrawals or transfers from these protected deposits, giving customers a chance to assess potential fraud.
The service targets customers who do not need immediate access to these funds.
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.”
Rose Kay, Acting Chairperson of HKAB, added,
“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.”
The HKMA plans to promote Money Safe through advertisements and other campaigns to help the public understand the service and consider its use as part of broader anti-scam measures.
Featured image credit: Edited by Fintech News Hong Kong, based on image by Rose Kay via LinkedIn