Online transfer limit set to thwart scammers

Staff reporter

The Hong Kong Monetary Authority is considering a new anti-scam measure called Money Safe, deputy chief executive Arthur Yuen Kwok-hang has revealed.

This will allow bank customers to set a limit on the amount or percentage of their deposits that cannot be transferred to a third party via online banking unless they visit a branch in person to unlock the settings, Yuen said.

The measure, which is currently being studied, will likely cover target groups including students, the elderly, and individuals who never make third-party transfers, Yuen noted. However, whether it will cover all depositors or adding other specific details is still under discussion with banks, he said.

It is expected that the new measure will be implemented next year, Yuen added.

Meanwhile, Yuen said the HKMA aims to allow applications for its generative artificial intelligence sandbox next month, with the goal of starting tests by the end of the year.

The de-facto central bank announced the launch of the GenAI sandbox in collaboration with tech hub Cyberport earlier last week to bolster AI adoption in the city's financial sector.

Yuen said the HKMA has developed a set of guidelines on consumer protection for banks using Gen AI in customer services and will issue these guidelines to the industry today.