All retail banks including digital banks will fully launch the Money Safe service for individual customers by or before December 31 as an anti-fraud measure, and will embark on a series of publicity campaigns, said the Hong Kong Monetary Authority and the Hong Kong Association of Banks.
Money Safe is like setting up a safe within a bank account. Bank customers can specify the amount of deposits to be protected. When they need to use the protected deposits, banks will conduct a face-to-face anti-scam verification with the customers, thus offering them a chance to carefully consider whether they have been scammed. Customers can transfer or withdraw the deposits only after completing the process.
The coverage mainly includes personal customers of retail banks and applies to HKD and major foreign currency deposits in checking, savings, and fixed deposit accounts, including joint accounts.
Besides, Money Safe is suitable for all customer segments. For members of the public with bank deposits that they do not need to use in the near term, they may consider putting them under Money Safe protection.
More than 3,200 customers have utilized Money Safe as of December 15, with protected deposits totaling approximately HK$1.6 billion. It is expected that usage will steadily increase after the service is fully rolled out in retail banking, according to the HKMA.
The HKMA will actively promote Money Safe in collaboration with the banking industry, including launching advertisements and various promotional campaigns, to help the public understand and make good use of this new service, said the HKMA.
