Banking sector initiative to shepherd elderly from scams

Hong Kong's de facto central bank and the city's banking association have kicked off a new outreach initiative aimed at protecting the elderly from financial scams.

The Hong Kong Monetary Authority and the Hong Kong Association of Banks jointly launched the "Smart Seniors Anti-Scam Ambassador Programme" on Monday, which will see outreach teams visit elderly centers across all 18 districts to raise awareness and recruit senior citizens as anti-scam ambassadors.

HKMA introduced "Money Safe" and other anti-scam measures at the program's launch ceremony. Fourteen banks will implement interim "Money Safe" measures for the elderly and other customers by the end of June to provide extra protection for bank deposits. All retail banks are expected to fully implement the initiative by the end of the year.

"The HKMA attaches great importance to scam prevention work for the elderly," said deputy chief executive Arthur Yuen Kwok-hang. "We hope to convey anti-scam messages to more seniors, and encourage them to make use of 'Money Safe' and other banking safeguards."

HKAB chairperson Mary Huen Wai-yi noted that the banking industry has been working closely with the HKMA on anti-fraud efforts and actively implementing measures to ensure the smooth launch of "Money Safe."

More than 100 anti-fraud education events are planned throughout 2025, Huen added.

STAFF REPORTER