Online Theft of 4.2 B Yen Through Cyber Fraud in Japan during First Half of the Year
Record Breaking Increase in Phishing Attacks and Illegally Transferred Mutual Funds in Japan
In a concerning development, Japan has witnessed a significant surge in phishing attacks and illegally transferred mutual funds, according to a report on cyberspace threats released by the National Police Agency (NPA) on September 15, 2022.
The report reveals that the number of reported phishing attacks in the first half of 2022 reached an all-time high of approximately 1,196,314, marking a staggering 100% increase from the same period in the previous year. This figure represents the highest number of phishing attacks ever recorded in Japan.
Attackers, in these phishing attacks, steal IDs and passwords by sending emails that appear to be from legitimate companies or financial institutions and directing recipients to fake websites. The Council of Anti-Phishing Japan, whose members include financial institutions, reported the increase in phishing attacks.
The increase in phishing attacks has also led to a significant rise in illegally transferred mutual funds. The amount of illegally transferred mutual funds from internet banking accounts in Japan from January to June 2022 was approximately 4,224 million yen. This figure represents a 70% increase from the same period in the previous year, setting a new record for the fastest pace on record for the first half.
Moreover, the total amount of illegally transferred mutual funds for the full year of 2022 may exceed the 2023 record of some 8,730 million yen. However, the report did not provide specific information on the total amount of illegally transferred mutual funds due to the increase in phishing attacks.
The report did not provide information on the number of cases or the specific companies or financial institutions targeted in the phishing attacks. However, it was noted that the number of phishing emails sent by those pretending to be securities firms increased significantly between March and May, reaching over 70,000 in May.
The surge in phishing attacks and illegally transferred mutual funds is a reminder for everyone to remain vigilant and cautious when receiving emails or requests for personal information. It is crucial to verify the authenticity of emails and never click on suspicious links or provide sensitive information.
As the battle against cyber threats continues, it is expected that the number of phishing attacks will surpass the annual record of 1,718,036 in 2024. The Council of Anti-Phishing Japan and other organisations will continue to work diligently to combat these threats and protect the public.
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