Japanese brokerages have reported a surge in unauthorized stock trading linked to phishing scams, with at least 1,454 cases recorded over a three-month period starting in February 2025. The Financial Services Agency (FSA) of Japan has confirmed that these incidents have resulted in losses totaling approximately ¥95.4 billion (around $700 million). Major securities firms affected include Rakuten, Nomura, SBI, SMBC Nikko, Monex, and Matsui. The number of cases escalated from 33 in February to 685 in March, and 736 by mid-April. The FSA has issued warnings and urged investors to exercise caution amid the rising trend of account takeovers and fraudulent trades. Additionally, the National Police Agency is considering tougher penalties for illegal account sales in response to broader fraud issues, including special scams and social media-based investment and romance scams that caused losses of about ¥200 billion in 2024.