Increase in Online Securities Account Hijacking Scams in Japan

Scams in Japan are increasingly hijacking online securities accounts through phishing tactics. Major firms, including Rakuten Securities, Nomura, and SBI, are raising awareness as unauthorized trades pose risks, prompting trading suspensions in both foreign and Japanese stocks. The Securities Commission is monitoring these developments closely.

In Japan, a surge in scams targeting online securities accounts has emerged, with victims experiencing account hijacking and unauthorized share trading, potentially orchestrated by criminal organizations. Securities firms are cautioning their clients about the increasing prevalence of these scams. The Securities and Exchange Surveillance Commission is actively monitoring the situation to mitigate risks in the market.

This issue gained attention following a late March announcement from Rakuten Securities Inc., which revealed similar incidents at other major financial institutions, including Nomura Securities Co. and SBI Securities Co. Reports indicate that criminal groups are employing phishing tactics to direct users to counterfeit websites resembling the legitimate ones, thereby acquiring their login credentials.

Once the criminals obtain user identification codes and passwords, they can access the accounts to conduct unauthorized transactions. Initially, these fraudulent activities were concentrated on foreign stocks, causing Rakuten Securities and others to temporarily halt buy orders for Chinese shares. However, the scope expanded to include Japanese stocks, resulting in the suspension of trading for various securities.

The rising trend of scams designed to hijack securities accounts in Japan poses serious threats to online investors. With the implementation of phishing tactics by criminal groups, users are urged to remain vigilant and secure their account information. Continuous monitoring by authorities and securities firms is essential to protect the integrity of the financial market.

Original Source: www.nippon.com