Enhancing Customer Empowerment in Anti-Fraud-and-Scam Protection through “Money Safe” Protection and Option of Disabling Internet Banking Platforms

In response to rising fraud and scam cases, the Hong Kong Monetary Authority (HKMA) is introducing “Money Safe” (MS), an extra layer of security allowing customers to protect portions of their bank deposits from fund outflows unless verified by the customer. Retail banks must implement MS for individual customers by December 31, 2025, and are encouraged to launch it earlier or in phases. Banks are also required to offer customers the option to disable Internet banking setup for accounts, reducing risks of fraudulent misuse, with a deadline of June 30, 2025, for implementation. Additional measures, such as deactivating online payee registration and fund transfer limit increases, are under exploration.

Resources: https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2024/20241203e1.pdf