Chief executive Eddie Yue introduced them in late 2024 in a letter [PDF] that stated they're needed due to "the surge in fraud and scam cases in recent years with customer losses typically involving payments from customers' bank accounts." Yue observed that scammers sometimes establish internet banking accounts without customers' permission. The Monetary Authority therefore required all local banks to establish Money Safe accounts that allow customers to set aside funds which they can only access by visiting a brick-and-mortar bank.