Retail banks complete rollout of Money Safe anti-scam service

Mandatory face-to-face verification adds new layer of deposit protection

All Hong Kong retail banks, including digital banks, have fully launched the Money Safe service for individual customers by 31 December, according to a joint announcement of the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB).

Money Safe allows customers to designate a specified amount of deposits for protection, according to the announcement. To transfer or withdraw these protected funds, customers must complete a face-to-face verification with the bank, which is intended to identify potential scam risks before transactions are executed.

The service is available to all customer segments and is designed for deposits that customers do not need to access in the near term. The HKMA said it will work with banks on publicity efforts to increase public awareness and usage of the service.

Arthur Yuen, Deputy Chief Executive of the HKMA, said Money Safe adds an additional deposit protection mechanism as part of the authority’s broader anti-scam framework. Rose Kay, Acting Chairperson of the HKAB, said all retail banks have completed the rollout and will continue promoting adoption alongside existing anti-fraud measures.