Banks Partner with Police to Combat Fraud in Japan

Eight prominent financial institutions have formalized an agreement with the National Police Agency. This collaboration aims to facilitate the exchange of information regarding accounts exhibiting suspicious activity, contributing to the ongoing efforts to combat sophisticated fraud schemes.

The agreement, finalized on Wednesday, includes major players in the banking sector. Participating institutions are Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corp., Sumitomo Mitsui Trust Bank, and four banks affiliated with Resona Holdings. This initiative builds upon previous agreements, with Japan Post Bank and PayPay Bank having already established similar partnerships earlier in the year.

The nature of these special fraud cases often involves perpetrators manipulating victims. They are typically persuaded to increase their withdrawal limits, enabling the transfer of substantial sums of money through a series of transactions.