Money Transfer Fraud Schemes on the Rise in Japan: Public Warned to Be Vigilant Against Scams

The Bank of Japan has issued a warning about an increasing number of scams targeting the public, with fraudsters using the bank’s name or claiming to be staff members to steal money, property, and personal financial information.

How the Scams Work

Fraudsters are setting up bogus websites to solicit investments, while others impersonate the Bank on social media platforms. In some cases, they may even contact individuals via phone, email, or social media, claiming to be from the Bank of Japan.

What to Look Out For

The public is advised to be extremely cautious when receiving suspicious communications claiming to be from the Bank of Japan. If you receive such a message:

• Report it immediately to the nearest police station or local law enforcement agency
• Do not provide any sensitive information, such as bank account details, payment cards, or cash
• Do not respond to the message or engage with the scammer

How to Avoid Falling Victim to These Scams

To stay safe, follow these tips:

• Verify official contact information for the Bank of Japan’s English-language website and social networking sites:
  • Visit https://www.boj.or.jp/en/index.htm/
  • Follow @Bank_of_Japan_e on Twitter, @BankofJapan.en on Facebook
• Report any suspicious activity to the official channels mentioned above

History of Similar Scams in Japan

This is not the first time that such scams have been reported in Japan. In recent years, similar warnings have been issued by the Bank of Japan regarding fake websites, emails, and social media profiles claiming to be affiliated with the institution.

Staying Safe

The public is urged to remain vigilant and take steps to protect themselves from these fraudulent schemes. By staying informed and reporting any suspicious activity, individuals can help prevent further financial losses and maintain the integrity of Japan’s financial system.