All Hong Kong retail banks to offer anti-scam service, locking cash in accounts
All of Hong Kong’s 28 retail banks, including virtual ones, will offer an anti-scam service from Wednesday that requires extra verification before money can be withdrawn, with 3,200 people depositing HK$1.6 billion (US$206 million) during a trial. Hong Kong Monetary Authority deputy chief executive Arthur Yuen Kwok-hang said on Tuesday that around 20 per cent…
All of Hong Kong’s 28 retail banks, including virtual ones, will offer an anti-scam service from Wednesday that requires extra verification before money can be withdrawn, with 3,200 people depositing HK$1.6 billion (US$206 million) during a trial.
Hong Kong Monetary Authority deputy chief executive Arthur Yuen Kwok-hang said on Tuesday that around 20 per cent of the 3,200 customers who had used the “Money Safe” service during its pilot phase earlier this year were aged 60 or above, while 7 per cent were below 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.
Under the service, individual bank account holders can designate a certain amount of their cash that cannot be transferred in any way.
To make a withdrawal, the account holder must meet a bank employee personally to undergo a verification process to ensure that the money is not being taken out in a scam.
Account holders with the eight virtual banks providing the service must also meet staff at physical offices before they can withdraw their protected sums.
