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HKMA: Banking Industry To Unroll 'Money Safe' Next Yr, w/ Option of Disabling Internet Banking Platforms
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Alan Au, Executive Director of the Hong Kong Monetary Authority (HKMA), said in an interview with RTHK that he was aware that victims in many fraud cases were tricked into providing their online banking account and password to the fraudsters, who then transferred their money, some of whom even believed the fraudsters and followed their instructions to transfer their own money. After consulting the banking industry, the authorities decided to introduce the "Money Safe" measure in 2025. Pursuant to the HKMA, banks must complete the arrangements within three days after a member of the public activates or cancels "Money Safe". As the measures involve large-scale system changes in banks, "Money Safe" will be gradually rolled out in 2025 and fully implemented by the end of 2025 at the latest. In addition, the authorities also required banks to gradually provide customers with the option of “Disabling Internet Banking Platforms” starting in 1H25. If customers want to reactivate online banking services, they must go to a bank branch in person to handle the matter. AAStocks Financial News |
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