Japan’s Police and Eight Major Banks Share Data to Combat 71.8 Billion Yen Fraud, My Number Card Verification, Safe Deposit Box Cash Ban

Japan's National Police Agency has entered into an information-sharing agreement with eight major Japanese banks to combat special fraud schemes. This collaboration aims to enable rapid sharing of suspicious transaction data to prevent fraudulent activities. In 2024, losses from such frauds reached approximately 71.8 billion yen, marking a record high. Additionally, the banking industry is moving to standardize identity verification for non-face-to-face account openings by exclusively using the My Number Card starting April 2027. Concurrently, the Japan Bankers Association has developed model regulations discouraging banks from accepting cash and other high-risk items in safe deposit boxes, following recent employee theft incidents. Furthermore, the transmission of image data for identity verification, such as My Number Card images, will be discontinued to enhance security.