MPF operator tightens identity verification process in wake of scam

The operator of Hong Kong’s Mandatory Provident Fund (MPF) has tightened its online security by scrapping an electronic verification system after scammers used forged identity cards to open accounts and steal residents’ pensions.Ayesha Macpherson Lau, chairwoman of the Mandatory Provident Fund Schemes Authority, said in a blog post on Sunday that the authority had jettisoned the identification tool for the electronic Mandatory Provident Fund (eMPF) platform in favour of the government’s one-stop verification app, iAM Smart.The face-recognition system, known as “electronic Know-Your-Customer” or eKYC, was previously listed as an option alongside iAM Smart. But it was suspended after a scam was uncovered last month in which criminals used bogus identity cards to bypass the system and register with eMPF, making off with HK$1.8 million (US$231,300) from pension accounts.“The cases do not involve the leakage of personal information from eMPF, but we absolutely cannot fail in our security work to protect the retirement savings of working people,” Lau said in her blog post.She noted that since the introduction of the eMPF platform, 80 per cent of users had registered through iAM Smart, while the remainder used the eKYC system. However, going forward, all users would be required to register through iAM Smart.“The iAM Smart was recently introduced to enhance verification measures; therefore, the requirement to register with eMPF using the portal would better protect users’ interests,” Lau said.