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Home News Crime

Fraudsters Target Japan’s Local Digital Currencies, Prompting Security Concerns

21 November 2024
in Crime, News
Reading Time: 2 mins read
106 2
source: ledgerinsights.com

source: ledgerinsights.com

Digital currencies controlled by local governments in Japan are increasingly becoming targets for fraudsters, prompting investigative agencies to urge the implementation of more solid security measures.

According to a report by the Japan Times, Police in Osaka recently apprehended seven Vietnamese nationals for allegedly using stolen credit card details to fraudulently acquire “machikane points,” a regional digital currency in Toyonaka City. The suspects exploited the currency’s premium reward system, which provides up to ¥2,500 (about $345) for purchases of ¥50,000 (~$6,900) by using the same credit card across multiple accounts.

Investigators estimate the group fraudulently obtained nearly half a million dollars in premiums within two days. Authorities suspect other individuals may be involved, as similar scams have emerged in places like Kumagaya and Saitama, where the local Kuma Pay currency was targeted. Several municipalities have reported similar incidents, though some have been reluctant to provide details.

The popularity of digital regional currencies, aimed at boosting local economies, has grown significantly in recent years. According to the report, Senshu University data reveals municipalities issuing digital regional currencies surged from 32 in 2019 to 219 in 2023. However, experts warn that phishing groups are particularly drawn to newly introduced digital currencies.

Authorities are urging municipalities to enhance identity verification protocols and restrict credit card use to those registered in the purchaser’s name. However, some officials argue that preventing phishing-related theft entirely is challenging.

Meanwhile, Japanese authorities have been intensifying efforts to crack down on fraud, with Kobayashi’s arrest marking a significant step in addressing 

phishing-related credit card schemes targeting platforms like Mercari. The group allegedly used stolen credit card details from phishing attacks to execute 42 fake transactions on Mercari, defrauding the platform of 2.75 million yen between June and July 2021. Investigators believe they carried out around 900 similar transactions between June 2021 and January 2022.

 

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Tags: Digital currencyJapanPhishing Scam
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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