Japan's Financial Agency Orders Prudential to Report on Misconduct Involving Three Former Employees Amid Surge in Phishing Scams Affecting Six Brokerages

Japan's Financial Services Agency has issued a report demand to Prudential Life Insurance and its holding company following the arrest of three former employees linked to misconduct. Concurrently, an association representing Japan's brokerages is contemplating stricter security guidelines in response to a rise in phishing scams affecting retail brokerage firms, including Nomura and others. Reports indicate that six brokerage firms, including Nomura, Rakuten Securities, SBI Securities, SMBC Nikko Securities, Monex Securities, and Matsui Securities, have confirmed incidents of account takeovers, prompting police to investigate potential violations of the Unauthorized Computer Access Law. The situation highlights growing concerns over cybersecurity within Japan's financial sector.