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Crime in Hong Kong
Opinion
SCMP Editorial
Editorial
SCMP Editorial

Vigilance essential as Hongkongers hit by more online scams

The authorities must take the breach of the eMPF platform seriously, rectify the underlying vulnerabilities and restore confidence in the electronic system

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Commuters cross the street in Hong Kong’s Central district on October 20. Photo: Sun Yeung
SCMP Editorial
Editorials represent the views of the South China Morning Post on the issues of the day.
Hong Kong people work hard and contribute to their Mandatory Provident Fund (MPF) accounts for retirement, so they must be protected with the utmost security. News reports about the theft of HK$1.8 million (US$231,300) from the city’s online MPF platform are worrying as the fund holds HK$1.5 trillion in net assets that belong to 4.75 million account holders. Five men have been arrested on suspicion of identity theft to make unauthorised transfers. Bearing in mind that many people do not frequently check their pension accounts, it’s possible such theft might not be limited to the few victims here.

The eMPF platform is an online one-stop shop for account holders to choose their pension service providers, check performance and operate their accounts. The eKYC verification process, or “electronic Know-Your-Customer”, has been temporarily suspended. Instead, all users are advised to use the secure “iAM Smart” app linked to the Immigration Department’s facial recognition database, which has access to residents’ ID photos. Before the suspension, three in four local banks offered eKYC to clients to access their MPF accounts.

The scam was uncovered in late October when a pension holder tried to open an eMPF account and found someone else had stolen his identity and profile. At least 12 cases have been identified, with three victims having lost a total of HK$1.8 million. The suspects failed to open accounts with three others, while police intervened early enough to protect another six.

Police also said the syndicate had laundered HK$78 million through various bank accounts over two months, but it’s unclear whether the money laundering was related to the MPF scam.

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