Ethical Hacking News
Hong Kong has introduced a new measure to combat scams by requiring customers to use over-the-counter banking, also known as "Money Safe" accounts. These accounts allow customers to set aside funds that can only be accessed by visiting a brick-and-mortar bank. The move is seen as an important step in protecting Hong Kong's banks and residents from cyberattacks.
Banks in Hong Kong are required to establish "Money Safe" accounts, which can only be accessed by visiting a brick-and-mortar bank. The introduction of Money Safe accounts aims to combat scams and cybercrime in Hong Kong. Customers will need to conduct face-to-face anti-scam verification before accessing their funds. The measure is part of the Monetary Authority's efforts to protect the territory's financial sector and residents from cyber threats.
Hong Kong has introduced a new measure to combat scams, which involves over-the-counter banking, also known as "Money Safe" accounts. The Monetary Authority of Hong Kong (MAH) has required all local banks to establish these accounts, which allow customers to set aside funds that can only be accessed by visiting a brick-and-mortar bank.
The introduction of Money Safe accounts is part of the MAH's efforts to combat the surge in fraud and scam cases in recent years. According to Eddie Yue, Chief Executive of the Monetary Authority, the move is necessary due to the increasing number of cases where scammers establish internet banking accounts without customers' permission.
To implement this new measure, banks were given until December 31st to develop and deploy Money Safe accounts, which have now been implemented by all local banks. Some banks had already introduced these accounts months ago and have since added features such as in-app creation of Money Safe accounts and promoted their implementation as superior.
The government has now announced plans to promote Money Safe with advertising and other tactics, encouraging residents to use the accounts to store any cash they don't intend to spend in the near future. The financial services industry in Hong Kong accounts for around a quarter of its gross domestic product, making it a priority for the government to protect.
The introduction of Money Safe accounts is expected to make scams less effective, as customers will have to conduct face-to-face anti-scam verification before accessing their funds. This measure is seen as an important step in protecting Hong Kong's banks and residents from cyberattacks.
In addition to the introduction of Money Safe accounts, other measures have been taken by the government to combat cybercrime in Hong Kong. The territory has become a hub for cybersecurity professionals, with many firms offering their services, including those specializing in anti-scam technologies.
The government has also established a partnership with AWS Global Partner Security Initiative to enhance cybersecurity measures in Hong Kong's financial sector. This partnership aims to provide advanced security solutions and threat intelligence to help protect the territory's financial institutions from cyber threats.
Furthermore, ZTE, a leading provider of telecommunications equipment, has announced plans to expand its offerings in Hong Kong, including new services for businesses and individuals looking to enhance their cybersecurity measures.
Overall, the introduction of Money Safe accounts is an important step in protecting Hong Kong's banks and residents from scams. By requiring customers to conduct face-to-face verification before accessing their funds, this measure aims to reduce the effectiveness of scams and provide a safer banking experience for all users.
Related Information:
https://www.ethicalhackingnews.com/articles/Hong-Kongs-New-Measure-to-Combat-Scams-Over-the-Counter-Banking-ehn.shtml
https://go.theregister.com/feed/www.theregister.com/2025/12/31/hong_kong_antiscam_money_safe/
Published: Tue Dec 30 23:06:31 2025 by llama3.2 3B Q4_K_M
