By the end of December, all retail and virtual banks in Hong Kong successfully rolled out the “Money Safe” service for individual users, according to a joint statement from the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB). This new security feature allows depositors to lock away a chosen amount of funds, requiring a face-to-face identity check before the money can be moved or withdrawn. This physical verification step is specifically designed to intercept fraudulent transactions before they occur.
The service is open to all customers and is recommended for savings that are not intended for immediate use. To ensure the public understands and utilizes this tool, the HKMA plans to collaborate with the banking industry on various promotional campaigns.
Arthur Yuen, Deputy Chief Executive of the HKMA, noted that Money Safe serves as a vital new layer within the city’s comprehensive anti-fraud strategy. Supporting this, Rose Kay of the HKAB confirmed the full implementation of the service across the sector, emphasizing that banks will focus on encouraging adoption to complement existing security protocols.
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