Illicit Credit Card Use Damage Hits Record High in Japan

Tokyo, April 9 (Jiji Press)--Damage from unauthorized credit card use in Japan hit a record high of 54.1 billion yen in 2023, it was learned Tuesday. 

The result was shared at a meeting hosted for the first time by the Ministry of Economy, Trade and Industry to tackle unauthorized use of credit cards.
 

The ministry aims to strengthen measures to prevent such damage and ensure safe use of credit cards.
 

Among attendees of the day's meeting were officials from six credit card companies, including JCB Co. and Sumitomo Mitsui Card Co.
 

The ministry is asking e-commerce stores accepting credit card payments to introduce a system by the end of fiscal 2024 in which a one-time password is sent to the users for identity verification when unauthorized use is suspected.
 

At a future meeting, participants will check progress in the measure and its effectiveness.
 

According to a survey by the Japan Consumer Credit Association, the ratio of the amount of damage to the total credit card settlement amount in 2023 was highest at least in the past five years.
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