Press Release

(April 14, 2025) – The Hong Kong Association of Banks (HKAB) welcomes the announcement by the Hong Kong Monetary Authority (HKMA) today on three new measures, or “E-Banking Security ABC”, to further protect banking customers from digital frauds and scams.  The banking industry has been working closely with the HKMA and Hong Kong Police Force (HKPF) to fight against increasingly sophisticated frauds and scams.

With more malicious actors reportedly start to leverage advanced technologies, including artificial intelligence and deepfake techniques, to compromise customer accounts, the HKMA shares the latest modus operandi of frauds and scams with the industry from time to time, and the banking sector are proactively enhancing E-banking security measures to mitigate evolving risks and safeguard customers.  Starting in the second quarter of 2025, banks will follow the HKMA’s forward-looking guidance to implement additional security measures in phases.  Key enhancements include:

E-Banking Security ABC

• “Authenticate in-App” – Allow customers to use their mobile banking apps by default, instead of SMS OTPs, to confirm logins and high-risk transactions;
  
  
• “Bye to unused functions” – Empower customers to deactivate higher risk functions in Internet banking, e.g. online increase of transfer limits and online registration of third-party payees; and
  
  
• “Cancel suspicious payments” – Further enhance the effectiveness of alerts displayed under the Suspicious Account Alert mechanism, including by adjusting their duration and content.
  

In addition, Money Safe, announced by the HKMA in December 2024, enables customers to segregate a portion of their deposits and protect it from fund outflows.

Money Safe

Several major banks will pilot this feature in late April, as an interim measure to implement “Money Safe”. Once the customers segregate an amount to be protected under Money Safe, they may only release the protected funds for transactions (e.g. fund transfers, withdrawal, etc.) upon the in-person verification process at a bank branch.


Money Safe marks a significant advancement in protecting banking customers by mandating face-to-face verification before protected funds can be transferred out of the customer’s accounts. The interim measures will help optimise the system ahead of its rollout across all retail banks by the end of 2025. Customers interested in this feature are encouraged to contact their respective banks for further details.


While banks will continuously evaluate the effectiveness of their fraud monitoring mechanism and customer authentication practices across channels, the HKAB urges the public to remain vigilant and carefully verify payment details and the payee's identity before proceeding with any transactions.