Want your money? First prove to the bank you're not a zombie controlled by hackers.
Hong Kong banks required to implement "safe accounts" against scams.
Hong Kong banks required to implement "safe accounts" against scams.
Hong Kong banks have devised a radical way to pull the rug out from under scammers: a portion of money can be hidden in a special account so that withdrawing or transferring it is only possible in person, after a visit to a branch.
The local regulator, the Hong Kong Monetary Authority (HKMA), calls this mechanism Money Safe. As explained by the head of the authority, Eddie Yue, in a letter published at the end of 2024, the measure is a response to a surge in fraud, where client losses are most often linked to payments from accounts.
According to the regulator, one of the problems is that criminals sometimes manage to set up internet banking without the account holder's knowledge. Therefore, all banks in Hong Kong have been instructed to launch Money Safe: these are separate "protected" funds, access to which is only unlocked offline. And digital banks, which have no branches, must invite clients to their offices for identity verification.
The logic is simple: if money needs to be accessed, the bank conducts an in-person anti-fraud check and asks questions that help spot in time if a person might have been "guided" by scammers. Transferring or withdrawing funds is only possible after such a conversation. Banks were given until December 31st to develop and implement Money Safe, and, as reported by the authorities, all managed to do so. Some launched the service earlier and then added features, for example, creating a Money Safe directly in the app, and actively promoted this as a competitive advantage.
Now the government is also joining the promotion: promising advertising and other campaigns, and already advising residents to keep money they don't plan to spend in the near future in a Money Safe. For Hong Kong, the stakes are high: the financial sector accounts for about a quarter of the territory's GDP, and the city itself is traditionally viewed as an important bridge for trade with mainland China. The authorities explicitly state that protecting the banking system is a priority for them.
The problem is also hinted at indirectly by how frequently Hong Kong warns about new phishing campaigns and fake bank websites. The idea of Money Safe is precisely to make it harder for scammers, even after a successful "digital" attack, to quickly siphon off large sums without the client having personal contact with the bank.
