Hong Kong Launches ‘Money Safe’ In-Person Bank Checks to Curb Fraud

A new banking safeguard in Hong Kong aims to reduce scam losses by requiring customers to confirm certain transactions in person.

Forced pause in high-risk transactions

Hong Kong authorities are rolling out an anti-scam mechanism that deliberately slows access to money, betting that friction can stop fraud before losses occur.

The initiative, known as “Money Safe” accounts, requires banks to let customers set aside funds that cannot be accessed through online or mobile banking. Instead, withdrawals or transfers require a face-to-face visit to a physical branch or, in the case of digital banks, an in-person identity check at designated offices.

The approach reflects growing concern over scammers’ increasing use of speed and psychological pressure. By forcing customers to step away from their screens and speak directly with bank staff, the Monetary Authority aims to force a moment of reflection that may expose manipulation before funds leave an account.

Hong Kong is tightening the screws

The policy follows a sustained rise in scam-related losses, many involving compromised or fraudulently created online banking accounts. Regulators have warned that criminals often exploit remote account access, social engineering and spoofed banking platforms to move money quickly and irreversibly. Money Safe accounts are designed to mitigate the damage by isolating funds from instant digital transfers.

All locally licensed banks were required to implement the system by the end of 2024 and authorities say compliance is now universal. Some institutions moved early, integrating in-app setup options and marketing the feature as an added layer of customer protection rather than a restriction.

Fighting digital deception

Hong Kong’s government has signaled it will actively promote Money Safe accounts, encouraging residents to store unused funds behind these added controls. The move aligns with the territory’s broader effort to protect its financial sector, which represents a significant share of the local economy and plays a key role in regional trade.

At the same time, officials continue to issue frequent alerts about phishing campaigns, fake banking websites and social engineering scams, emphasizing that procedural safeguards alone cannot address every threat vector.

Proactive steps in scam detection

While over-the-counter verification undoubtedly adds an important safety net, early scam detection remains critical. Tools such as Bitdefender Scamio complement institutional measures by helping users assess suspicious messages, links, QR codes or payment requests before they escalate.

By encouraging users to question interaction earlier in the process, such tools help close the gap between awareness and action.