Safeguarding Against MPF Cold Call Scams

In recent months, the number of unsolicited phone calls—referred to as "cold calls"—has increased significantly, with some fraudulent callers posing as MPF intermediaries to execute scams. The MPF Authority is deeply concerned about this issue and has been actively warning employees to exercise caution when receiving calls from unfamiliar numbers.

To combat these scams, the MPF Authority has introduced stricter regulations regarding cold calls made by MPF intermediaries. As a result of these proactive measures, there has been a notable decline in the number of intermediaries making cold calls to promote MPF products and services. Since February of this year, intermediaries have entirely ceased utilizing cold calls, thereby offering enhanced protection against impersonation fraud.

Nonetheless, intermediaries will still contact plan members for legitimate reasons, such as assisting with account openings and transfers. The MPF Authority recommend confirming the caller’s identity with the appropriate intermediary firm to ensure employees’ safety. Alternatively, employees can also find contact details for intermediary companies on the MPF Authority’s official website.

To further combat unwanted cases of fraud, the MPF Authority shall continue to cooperate with intermediary firms on promotional channels and approaches. In fact, over the last two years, six circulars have been distributed to intermediary firms highlighting the need for measures to guard against scams that exploit MPF activities.

Furthermore, the MPF Authority is actively collaborating with the Police Anti-Deception Coordination Centre, other financial regulatory bodies, and major technology companies to strengthen fraud prevention strategies. All MPF trustees and 24 intermediary firms have committed to the “Consumer Protection Against Fraud Charter 2.0,” ensuring that they will not request personal information via links sent through instant messages.

It is crucial to remember that MPF Authority staff will never contact individual plan members to promote MPF products or services and will never ask for personal information through links sent via phone or email. Stay vigilant and stay alert!

31st March 2025