OSAKA - Osaka Prefecture has revised its ordinance to set a cap of 100,000 yen per day on ATM transfers made with cash cards by certain elderly account holders, marking the first such restriction in Japan.
The regulation, which took effect on October 1st, applies to residents aged 70 and above who have not used an ATM for transfers in the past three years. The move is a response to the worsening problem of special fraud targeting seniors, where criminals trick victims into making transfers to fraudulent accounts.
The decision was highlighted in an awareness event organized by the Osaka prefectural police, featuring comedian Chieko Mizutani, who took part in a skit demonstrating how the ordinance would prevent suspicious transfers.
Fraud cases have been on the rise, with damages reaching about 7.3 billion yen as of the end of August, already exceeding last year’s annual total and hitting a record high. Many of these cases involve elderly victims making ATM transfers, prompting Osaka to implement the restriction.
Reactions among seniors have been mixed. An 81-year-old resident said it was the first time they had heard of the measure, while an 85-year-old commented that it was a good step since many older people tend to trust others too easily. A 73-year-old, however, felt the 100,000 yen ceiling might be too strict.
Exceptions will allow transfers exceeding the limit if requested directly at a bank counter. The timing of implementation will vary depending on the financial institution, but all banks are expected to introduce the restriction by the end of March next year.
Source: YOMIURI
