Bastille's Report: Money Safe Safeguards HKD 3.3 Billion in Deposits Over Two Months, HKMA: No Suspicious Unlocking Cases

Launched at the end of last year, Money Safe had been used by nearly 8,200 customers as of late January, safeguarding a total of HKD$3.3 billion in deposits. Mr. Alan Au, the Executive Director (Banking Conduct) of the Hong Kong Monetary Authority (HKMA), stated in the interview with Bastille Post that no suspicious unlocking cases have been reported so far. He expected that with the enhanced promotion of Money Safe, its usage would steadily increase.

Mr. Alan Au, the Executive Director (Banking Conduct) of the Hong Kong Monetary Authority (HKMA)

In recent years, Hong Kong has continued to see a high number of fraud cases. According to the statistics of the Police, a total of 43,212 fraud cases were recorded in 2025, involving losses of approximately HKD$8.1 billion. Against this backdrop, asset protection has become increasingly critical. At the end of 2025, HKMA and the Hong Kong Association of Banks announced that all 28 retail banks, including digital banks, would fully offer Money Safe to individual clients by December 31.

Multiple Platforms for Promotion

Mr. Au pointed out that many citizens proactively opted to use Money Safe after learning that banks would provide related services. To further raise public awareness of Money Safe, HKMA has released posters and promotional leaflets, and would issue TV promotional videos, and radio spots to strengthen its publicity campaign.

At the end of 2025, HKMA and the Hong Kong Association of Banks announced that all 28 retail banks, including digital banks, would fully offer Money Safe to individual clients by December 31.

Since last year, HKMA has been disseminating anti-fraud messages—including those related to Money Safe—through its bank branch network and digital platforms, 43 hospitals and clinics under the Hospital Authority (HA), and over 500 social welfare organizations. Mr. Au added that HKMA will continue to collaborate with stakeholders and promote Money Safe to the public via community networks. Banks will also step up their promotional efforts. All retail banks, including digital banks, will offer various incentives during the initial launch phase to encourage more customers to learn about and use Money Safe.

Elderly Make Up Most Scam Victims, Banks Proactively Intercept Fraud

Scam tactics continue to evolve, with the elderly often being the primary target of fraudsters. In the first nine months of 2025, a total of 2,586 telephone scam cases were recorded, of which 45% of the victims were aged 60 or above, incurring losses exceeding HKD$480 million.

Mr. Au stressed that the public requires comprehensive fraud prevention measures. As for frontline bank branch staff, they have remained vigilant in monitoring suspicious cases and frequently succeeded in dissuading customers from falling victim to scams. In one instance, an elderly client requested the transfer of several hundred thousand dollars to "repay a friend". Noticing that the client was unable to provide the recipient's name, and that the recipient's account was recently opened, with some abnormal situation occurring. Therefore, they suspected that the client had been scammed and eventually successfully persuaded the client not to make the transaction.

Money Safe functions like setting up a safe within a bank account, allowing clients to customize a protected deposit amount.

In another case, an elderly client appeared anxious while on a video call. Bank staff proactively inquired and learned that the client intended to reissue his online banking password and authorize a third party to conduct transfers. Since the client had paid multiple "handling fees" according to the instructions of a scammer who claimed to be a "telecom company employee", the bank staff contacted his family and froze the relevant account to prevent further losses with the client's consent.

Mr. Au added that a bank shared an instance in which a client was concerned that his account would be hacked. The bank immediately advised the client to use Money Safe, which ensures that deposits can only be withdrawn after the customer visits a branch in person. It's understood that, since banks fully launched Money Safe at the end of last year, no suspicious unlocking cases have been reported.

In-Person Branch Verification Ensures Account Safety

Money Safe functions like setting up a safe within a bank account, allowing clients to customize a protected deposit amount. When a client needs to access the protected deposit, the bank will conduct an in-person anti-fraud verification process, allowing the client an opportunity to reconsider whether they may be falling victim to a scam. Only after completing the verification can the client transfer or withdraw the protected deposit.

Regarding the unlocking process, clients must visit a branch for face-to-face verification before withdrawing or transferring deposits protected by Money Safe.

Regarding the unlocking process, Mr. Au explained that clients must visit a branch for face-to-face verification before withdrawing or transferring deposits protected by Money Safe. During verification, bank staff will need to inquire about the specific purpose of the transaction, to help clients to "have some time for careful thinking" and identify any suspicious factors. Moreover, the staff will also conduct further inquiries into individual situations and pay attention to whether the client was induced or pressured by a scammer to make the transaction.

The specific verification procedures will also be adjusted according to the evolving fraud tactics. HKMA has required banks to develop appropriate procedures for handling suspicious cases. If any suspicious situation is detected, the bank can immediately alert the client or seek assistance from the police as needed. Nevertheless, the final decision on whether to cancel Money Safe's protection and withdraw the deposit still rests with the client. Mr. Au reiterated that even with Money Safe, clients must remain vigilant at all times and stay alert to scams.

Flexible Handling of Special Situations

Addressing the situations where clients may be unable to visit a branch in person to unlock their Money Safe—such as when staying abroad or facing urgent financial needs—Mr. Au stated that HKMA had taken into account the balance between client convenience and security guarantee during the design phase. Banks are required to clearly explain the operation and cancellation processes before clients enable the service, reminding them to maintain sufficient funds to meet daily and emergency needs.

He further noted that when clients are unable to cancel the protection of Money Safe in person due to special circumstances—such as hospitalization or a serious accident in other regions—banks can adopt alternative yet equally effective measures, supplemented by additional verification procedures to confirm clients' identity and instructions, ensuring clients are properly protected. Banks will handle these situations on a case-by-case basis, with flexibility to guard against various tactics that scammers may attempt to exploit.

In processing the cancellation of Money Safe's protection, banks will confirm clients' instructions in accordance with the signing arrangements for the account, including joint accounts, as with the processing of other banking services. Mr. Au expressed confidence that banks will provide flexible arrangements based on clients’ needs and communicate with them to strike an optimal balance between fraud prevention and client assistance.

HKMA, Photo source: reference image

CLARKSBURG, W.Va. (AP) — Former college basketball player Kerr Kriisa lied and posed as other people as part of a scheme through which he fraudulently obtained nearly $2.2 million from two victims, according to a federal indictment.

A federal grand jury in West Virginia indicted Kriisa last month, and the case was unsealed Monday following his arrest by federal agents on Saturday in Kentucky. A 6-foot-3 guard from Estonia, Kriisa began his college career in 2020 at Arizona, where he became a fan favorite for his feistiness and long-range shooting.

Kriisa, 25, is expected to appear in federal court in West Virginia this week on five counts of wire fraud, U.S. Attorney Matthew Harvey said.

“Financial fraud schemes erode trust and cause real harm to victims who believed they were helping someone in need,” Harvey said in a news release.

Kriisa led the Pac-12 in assists during his two full seasons at Arizona before transferring to West Virginia. Kriisa was suspended the first nine games of his lone season at West Virginia after admitting he received impermissible benefits while at Arizona.

Kriisa transferred to Kentucky in 2024, but was limited to nine games due to a foot injury. He transferred to Cincinnati for his final year of eligibility and started 12 games before suffering a separated shoulder in February.

From 2022 through June 2 of this year, he posed as other people, including his own mother, and falsely claimed that he and his family urgently needed money to deal with an emergency, the indictment says.

The indictment alleges that, in August 2022, Kriisa falsely told one victim that he had gotten a loan to repay her and then a few months falsely told her he planned to sell his organs to get money to repay her. Between 2022 and 2024, he contacted the same victim, posing as his own mother, and asked for money to pay for cancer treatments for his mother and to save the family's farm, the indictment says.

In April 2025, he signed a written agreement falsely promising to repay that victim $100,000 by February 2026.

From November 2025 through early February of this year, Kriisa repeatedly asked a second victim for money, sometimes posing as a made-up person named “Irene.”

FILE - Cincinnati guard Kerr Kriisa (11) handles the ball during the first half of an NCAA college basketball game against Houston, Saturday, Jan. 31, 2026, in Houston. (AP Photo/Kevin M. Cox, File)