HK banks, regulator team up to tackle scams targeting seniors

Hong Kong’s monetary authority and the city’s banking sector have launched a citywide initiative to safeguard senior citizens from financial scams. The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) have introduced the “Smart Seniors Anti-Scam Ambassador Programme”, deploying outreach teams to elderly centres across all 18 districts. A key feature is “Money Safe”, a temporary measure to be implemented by 14 banks by June’s end, providing enhanced deposit protections for older customers. A full rollout across all retail banks is planned by year-end. The initiative will also enlist senior citizens as anti-scam ambassadors, with over 100 education events scheduled throughout 2025.