An official anti-scam security tool, Money Safe, has become available to customers of all retail banks in Hong Kong today, providing an extra layer of protection for their savings and helping reduce potential scam-related losses.
“Strengthening bank customers’ ability to protect themselves is a crucial part of our anti-scam efforts,” said Arthur Yuen Kwok-hang, deputy chief executive of the Hong Kong Monetary Authority, on Tuesday. “I urge the public to make full use of Money Safe while always remaining vigilant to prevent scams.”
Money Safe functions like a virtual safe within a bank account, allowing customers of 28 retail banks in the city, including digital banks, to partially or fully lock their deposits. Once locked, the funds cannot be used for any transfers, payments or withdrawals through any channel.
To access the protected balance, customers must request to unlock the assets and undergo verification, typically in person at a branch, and wait for one to three business days.
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Some banks have already rolled out the service to selected customers in recent months. As of Dec 15, about 3,200 Money Safe users had secured HK$1.6 billion ($206 million), with an average of HK$500,000 locked per user.
Yuen said the security tool is suitable for customers across all age groups. For those who intend to keep their money in savings and do not expect to use it in the near future, “using the tool for protection is actually an appropriate approach,” he added.
Rose Kay Lo-hei, acting chair of the Hong Kong Association of Banks, said Money Safe not only serves as an anti-scam measure, but also helps protect deposits if customers are concerned about their account information being leaked.
In the first 10 months of this year, Hong Kong recorded 35,831 fraud and scam cases, resulting in losses of more than HK$6.4 billion — representing a 1.6 percent decrease in the number of cases and an 8.7 percent reduction in total losses compared to the same period last year, according to the Hong Kong Police Force.
Contact the writer at gabylin@chinadailyhk.com
