Financial Crime World

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Financial Crime Cases in Japan See Decline in 2020

According to preliminary statistics compiled by the National Police Agency, reported cases of specialized fraud in Japan decreased by 19.7% in 2020, with financial losses also dropping by 12%. A total of 13,526 cases were reported last year, down from 16,864 cases in 2019.

Urban Areas Most Affected

According to police statistics, the majority of financial crime occurred in large urban areas, with Tokyo, Kanagawa, Chiba, Osaka, Saitama, Hyōgo, and Aichi prefectures accounting for 71% of all cases. However, despite the overall decline, fraud losses remained high, averaging ¥75.9 million per day.

Decline in Certain Scams

The report highlighted a decrease in certain types of scams:

  • Ore ore sagi (it’s me, it’s me scams) and savings scams fell by 5.1% year-on-year to 6,382 cases.
  • Financial losses from these scams increased by 3.4% to ¥12.2 billion.
  • Cash card scams saw a significant decrease of 25% year-on-year, with 2,833 cases reported and financial losses falling by 32.7% to ¥4.0 billion.
  • False billing fraud also declined, with 1,997 cases reported and financial losses decreasing by 19.3% to ¥8.0 billion.

Seniors Remain Vulnerable

The report noted a concerning trend of fraud targeting seniors, with 11,556 cases reported in 2020, an 18% decrease from the previous year. However, this age group still accounted for 85.7% of all fraud cases, highlighting their continued vulnerability to scams.

In a separate incident related to COVID-19, police arrested a man who impersonated a prefectural employee and attempted to scam a 70-year-old man out of ¥100,000 in relief payments. The incident highlights the need for vigilance against financial crime during times of crisis.

Conclusion

While the number of financial crime cases in Japan declined in 2020, the impact remains significant, with high levels of financial losses and ongoing vulnerability to scams among certain groups. It is essential for individuals to remain aware of potential fraud schemes and take steps to protect themselves from financial harm.