19 Dec 2024
Following his presentation at the Fraud and Money Laundering Intelligence Taskforce Training Seminar hosted by the Commercial Crime Bureau in late November, Tradelink's Executive Director and Chief Operations Officer, Andrew Cheng, was invited to shed some light on the challenges of customer identity verification faced by the banking and finance industry and offer his insights on the countermeasures in an interview with the Hong Kong Economic Journal (HKEJ) published on 9 Dec 2024.
In the interview, Andrew pointed out that many telecom and online fraud cases nowadays involve the use of stooge accounts to receive/launder fraudulent payments or other crime proceeds, thus it is crucial to intercept at the source and prevent frauds from opening accounts. "Banks can consider using two forms of identification documents for identity verification during the process of account opening. For example, using passport or Mainland Travel Permits for Hong Kong and Macao Residents (commonly known as Home Return Permits) to match with customers’ HKID card to verify their identity. It is believed that over 90% of fraud cases involving stooge accounts can be intercepted."
We are delighted to share our knowledge and expertise to help raise industry and public awareness on identity fraud and will continue our commitment to promote a prosperous Hong Kong where companies and people can readily achieve and enjoy the benefits of digital efficiency.