All 28 of Hong Kong's retail banks, including virtual ones, will launch the 'Money Safe' anti-scam service from Wednesday, requiring users to verify in person with bank staff before withdrawing funds. During a trial, 3,200 people deposited HK$1.6 billion.
Hong Kong's 28 retail banks, including virtual ones, will offer the anti-scam 'Money Safe' service starting Wednesday, allowing account holders to lock specific amounts of cash that cannot be transferred. To withdraw these funds, users must meet a bank employee in person for verification to prevent scams.
Hong Kong Monetary Authority deputy chief executive Arthur Yuen Kwok-hang said on Tuesday that during the pilot phase earlier this year, 3,200 customers used the service, depositing HK$1.6 billion (US$206 million). About 20 per cent of these users were aged 60 or above, while 7 per cent were under 25.
"We do think Money Safe is good for everyone, if [users] are evenly spread out amongst different age groups, then it will be good," Yuen said.
Even for the eight virtual banks offering the service, account holders must visit physical offices to meet staff before accessing protected sums. This initiative, backed by the Hong Kong Association of Banks and the Monetary Authority, aims to combat rising scam losses in the city.
