Employee Reporter
The Hong Kong Monetary Authority is considering a new anti-fraud measure called “Money Safe,” Deputy Chairman Arthur Yuen Kwok-hang announced.
This allows bank customers to set an amount or percentage limit on their deposits that cannot be transferred to third parties through online banking unless they visit a branch in person to unlock the settings, Yuen said.
The measure, which is currently being reviewed, is likely to cover target groups such as students, the elderly and people who never make third-party transfers, Yuen noted. However, whether it will cover all depositors or add more specific details is still being discussed with banks, he said.
The new measure is expected to be implemented next year, Yuen added.
Meanwhile, Yuen said the HKMA intends to accept applications for its generative artificial intelligence sandbox next month, with the aim of starting testing by the end of the year.
The de facto headquarters announced earlier last week the launch of the GenAI Sandbox in collaboration with technology hub Cyberport to promote the adoption of AI in the city’s financial sector.
Yuen said the HKMA has developed a set of consumer protection guidelines for banks that rely on artificial intelligence in customer service and will submit the guidelines to the industry today.
