Brokerages to Refund Victims of Widespread Online Fraud

TOKYO, May 03 (News On Japan) - A wave of fraudulent trades conducted through hijacked securities accounts has prompted Japan’s leading brokerages to move toward compensating affected customers, with some firms opting to offer full refunds.

According to interviews with industry sources, ten major securities companies have decided to reimburse clients whose accounts were illicitly accessed and used for unauthorized trading. The number of confirmed fraudulent transactions has reached approximately 1,400 in the past three months through April, with total damages exceeding 90 billion yen.

The cyberattacks, which involve unauthorized access to customer accounts, have spread across nine securities firms. In response, the companies and the Japan Securities Dealers Association (JSDA) have been discussing compensation frameworks.

While no industry-wide standard for reimbursement will be established, each firm will determine its own response. Some companies have already indicated they will fully compensate clients for trades confirmed not to have been made by the account holders themselves.

Source: TBS

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