Financial Crime World

Financial Crime Cases in Japan Reach Highest Level in 15 Years

According to provisional data released by the National Police Agency on Thursday, Japanese authorities recorded a staggering number of financial crime cases in 2023.

Cyber and Phone Scams Reach Record High

Japanese authorities recorded 19,033 cyber and phone scams in 2023, representing an 8.3% increase from the previous year. This marks the highest level of financial crime cases in Japan since 2004.

The numbers have been trending upwards since 2011, following years of decline. The monetary loss resulting from these fraud cases has also seen a significant surge, increasing by 19% to ¥44.12 billion, surpassing the ¥40 billion mark for the first time in seven years.

Notable Increases in Billing Fraud

Notably, billing fraud cases saw a dramatic increase of 75.8%, with approximately 5,136 instances reported. A significant proportion of these cases involved fake virus warnings that demanded payment for tech support, accounting for around 40% of the total billing fraud cases.

Key Statistics

  • Total financial crime cases: 19,033
  • Increase from previous year: 8.3%
  • Monetary loss: ¥44.12 billion (a 19% increase)
  • Billing fraud cases: 5,136 (a 75.8% increase)