Risks of unauthorized use and fraudulent transfers in cashless payment services
First written in FY2021-Q2. 1 of 3 entries say "Advanced", first in FY2021-Q3. Latest entry: FY2021.
1 other company's latest entry also says "Mitigated".
- FY2021MitigatedAnnual report
「For the instant account transfer service, services have been progressively resumed since January 2021 with payment service providers whose security frameworks and other systems have been confirmed. For mijica, preparations are under way for the transition to a new branded debit card in spring 2022.」
Following the unauthorized use of cashless payment services, the Bank moved to the stage of progressively resuming the instant account transfer service with payment service providers after completing compensation procedures and a comprehensive review. - FY2021-Q3AdvancedAnnual report
「For the instant account transfer service, we are progressively resuming services with payment service providers after confirming that they have established the required frameworks, including customer protection systems based on the guidelines of the Japanese Bankers Association and the Japan Payment Service Association.」
Following the unauthorized-use incidents, the Bank suspended certain services, processed compensation and conducted a comprehensive security review, then moved to the stage of progressively resuming services with payment service providers whose frameworks had been confirmed. - FY2021-Q2First statedAnnual report
「In September 2020, we announced cases involving unauthorized use of the Bank’s instant account transfer service and fraudulent transfers using mijica (Visa debit and prepaid card).」
Actual cases of unauthorized use of the instant account transfer service and fraudulent transfers using mijica occurred. The response included compensation, suspension of account registration, transfers and remittance functions, and a comprehensive review by a task force reporting directly to the President.