HKMA and HKAB Launch “Money Safe” Deposit Protection Service

​The Hong Kong Monetary Authority (HKMA) and The Hong Kong Association of Banks (HKAB) have launched the “Money Safe” service for individual customers of retail banks, including digital banks.

Money Safe allows customers to designate a portion of their bank deposits for additional protection. Deposits placed under the service cannot be transferred or withdrawn without a face-to-face anti-scam verification conducted by the bank. The process is designed to give customers an opportunity to reassess potential fraud before funds are released.

The service is available to all customer segments. It is intended for depositors who do not expect to use certain funds in the near term and wish to add an extra safeguard against scams.

Arthur Yuen, Deputy Chief Executive of the HKMA, said the service provides an additional layer of protection and strengthens customers’ ability to guard against fraud. He added that the HKMA will continue to work with the banking sector, law enforcement agencies, and other stakeholders to address scam-related risks.

Rose Kay, Acting Chairperson of the HKAB, said enhancing customer protection is a priority for the banking industry. She noted that all retail banks have fully launched Money Safe and will step up efforts to promote its adoption while continuing to strengthen anti-fraud measures and public education.