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Public Administration News  
Japan: Online Banking Fraud Targeting Firms Surges
Source: the-japan-news.com
Source Date: Sunday, August 24, 2014
Focus: Citizen Engagement
Country: Japan
Created: Aug 26, 2014

A total of 198 million was stolen from corporate Internet banking accounts in Japan in 46 cases in April-June, industry data showed Friday.

The figures surpassed the full-year record highs of 35 cases and 183 million marked in fiscal 2013, which ended last March, according to the Japanese Bankers Association.

The bankers association surveyed a total of 192 banks. Japan Post Bank was surveyed for the first time since such statistics began in fiscal 2005.

Online banking fraud surged in January-March, when a total of 141 million was stolen from companies in 22 cases.

In the wake of the sharp increase in online banking fraud, the association last month drew up guidelines under which banks compensate companies that have money stolen from an online account despite taking sufficient security steps including having the latest antivirus software.

Mizuho Bank, a unit of Mizuho Financial Group Inc., earlier this month announced plans to make such a corporate client eligible for compensation of up to 50 million per year in principle.

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