TL;DR
Hong Kong’s Monetary Authority ordered all local banks to offer 'Money Safe' accounts that lock deposits until customers complete face-to-face checks. Banks met a December 31 deadline; the government plans advertising to encourage use and digital banks must conduct in-person ID checks at their offices.
What happened
In response to a rise in fraud and cases where scammers access or open accounts without customers’ consent, Hong Kong’s Monetary Authority required banks to introduce ‘Money Safe’ accounts. Announced by chief executive Eddie Yue in late 2024, these accounts let customers set aside funds that can only be transferred or withdrawn after a face-to-face anti-scam verification at a branch or, for banks that lack retail outlets, at the bank’s office. The authority set a December 31 deadline for deployment; according to the report, all local banks complied, with some rolling out features earlier and adding conveniences such as in-app creation of Money Safe accounts. The Hong Kong government will promote the product through advertising and other measures, encouraging residents to park funds they do not plan to spend imminently. The change is framed as part of broader efforts to protect the territory’s sizable financial sector from phishing and related cyber schemes.
Why it matters
- Money Safe adds an in-person verification step designed to disrupt scams that rely on remote access or unauthorised account setup.
- Requiring branch or office visits reduces purely digital convenience, creating friction that may deter or catch fraudulent transfers.
- The move forces digital-only banks to adopt in-person ID checks, affecting their customer experience and operational practices.
- Protecting retail deposits supports the stability of Hong Kong’s financial services sector, a major contributor to local GDP.
Key facts
- The Monetary Authority introduced 'Money Safe' accounts after noting a surge in fraud and scams involving bank account payments.
- Chief executive Eddie Yue announced the measure in late 2024.
- Banks were given until December 31 to develop and deploy Money Safe accounts; the report states all complied.
- Funds in Money Safe accounts can be transferred or withdrawn only after completing a face-to-face anti-scam verification.
- Digital banks without branches must have customers visit their offices for ID checks to access protected deposits.
- Some banks had implemented Money Safe earlier and added features such as in-app creation of these accounts.
- The Hong Kong government plans to promote Money Safe with advertising and other tactics to encourage uptake.
- Hong Kong’s financial services industry accounts for roughly one-quarter of the territory’s gross domestic product, the report notes.
- The article suggests Money Safe may reduce the effectiveness of phishing campaigns and fake bank websites that target customers.
What to watch next
- Government advertising and outreach campaigns to increase public adoption of Money Safe accounts.
- Not confirmed in the source: measurable change in scam-related customer losses after widespread Money Safe adoption.
- Not confirmed in the source: how digital-only banks will alter long-term customer onboarding and service models because of required in-person checks.
- Not confirmed in the source: whether scammers will shift tactics in response to the new in-person verification requirement.
Quick glossary
- Money Safe: A type of bank account required by Hong Kong’s Monetary Authority that restricts withdrawals or transfers until the customer completes an in-person anti-scam verification.
- Face-to-face verification: An in-person identity and intent check conducted at a bank branch or office intended to confirm the account holder is aware of and authorises a transaction.
- Monetary Authority: The regulatory body in Hong Kong responsible for supervising banks and implementing measures related to financial stability and consumer protection.
- Digital bank: A bank that primarily offers services online and via mobile apps and may not operate a full network of physical branches.
Reader FAQ
What are Money Safe accounts?
Accounts that let customers set aside deposits which can only be moved after a face-to-face anti-scam verification at a bank branch or office.
Who required banks to introduce Money Safe?
Hong Kong’s Monetary Authority, with the requirement announced by chief executive Eddie Yue in late 2024.
Were banks given a deadline?
Yes. The Monetary Authority set December 31 as the deadline for developing and deploying Money Safe accounts; the report says all banks complied.
Will Money Safe end scams entirely?
Not confirmed in the source.
How will digital banks comply if they have no branches?
The source says digital banks that do not operate branches require customers to visit their offices for identity checks to access protected deposits.
CYBER-CRIME Hong Kong’s newest anti-scam technology is over-the-counter banking Funds in ‘Money Safe’ accounts are only available when customers appear for face-to-face verification Simon Sharwood Wed 31 Dec 2025 // 04:57 UTC Hong Kong’s…
Sources
- Hong Kong’s newest anti-scam technology is over-the-counter banking
- Hong Kong banks launch Money Safe for customers to …
- Money Safe
- Retail banks fully launch Money Safe
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