Hong Kong Introduces "Money Safe" Accounts to Combat Bank Scams

Hong Kong’s banking sector has rolled out a new safety measure called "Money Safe" accounts to help protect customers from scams and frauds. These accounts are designed to require in-person visits to a bank branch to access funds, adding an extra layer of security against unauthorized transactions.

The Purpose Behind Money Safe Accounts

Chief Executive Eddie Yue announced these accounts in late 2024 through a detailed [PDF] letter, citing the increasing number of scam incidents involving bank accounts. The core idea is to mitigate cases where scammers establish internet banking accounts without the legitimate account holder’s consent.

How Do Money Safe Accounts Work?

According to a Hong Kong government announcement published on Tuesday, these accounts enable customers to set aside deposits that can only be accessed in person at a bank branch. When a customer needs to withdraw or transfer money, the bank conducts a face-to-face anti-scam verification to confirm the identity of the account holder. This process encourages customers to review whether they have been targeted by a scam before proceeding.

Features and Implementation

Banks had until December 31st to develop and launch Money Safe accounts.
Many banks have already implemented these accounts, with some integrating in-app creation features.
The government is promoting these accounts through advertising campaigns, emphasizing their security benefits.
Customers are encouraged to use Money Safe accounts for storing cash they do not plan to spend immediately.

Significance for Hong Kong’s Economy and Security

Financial services represent about a quarter of Hong Kong’s gross domestic product, and the city’s strategic position as a trade hub with China makes banking security vital. Given the frequent cyberattacks reported—ranging from phishing scams to fake banking websites—the introduction of Money Safe accounts may considerably reduce the effectiveness of such fraudulent schemes.

Ongoing Cyber Security Concerns

Hong Kong’s government continuously monitors the cyber threat landscape, issuing alerts about new phishing tactics and malicious websites. The deployment of Money Safe accounts is viewed as a proactive step in safeguarding consumers and strengthening the integrity of the banking system.

Note: Hong Kong’s initiative underscores the importance of multi-layered security approaches in digital banking, especially amid rising cyber threats.

Bank branch where customers visit to access their Money Safe accounts