Online theft of 4.2 B. Yen happening through internet fraud in Japan during the first half of the year.
Japan Witnesses Record-Breaking Cyber Threats and Illegally Transferred Funds
A new report on cyberspace threats by the National Police Agency of Japan has revealed a significant increase in illegally transferred funds and phishing attacks, with the figures for 2023 potentially surpassing previous records.
The report, released on Thursday, shows that the total amount of illegally transferred funds for the full year of 2022 may exceed the 2023 record of some 8,730 million yen. The report, however, did not specify the fastest increase in illegally transferred funds on record.
The increase in illegally transferred funds can be largely attributed to a surge in phishing attacks. The Council of Anti-Phishing Japan, which includes financial institutions, reported that the number of phishing attacks in the first half of 2023 reached 1,196,314, approximately double the figure for the same period in 2022. This represents a 70% increase from the same period in the previous year, marking the fastest increase on record.
Most of the reported cases of illegally transferred funds were traced to these phishing attacks. In phishing attacks, attackers steal IDs and passwords by sending emails that appear to be from legitimate companies or financial institutions, directing recipients to fake websites.
The National Police Agency of Japan is among the sources that reported the increase in phishing emails sent by securities firms. The number of such phishing emails increased significantly between March and May, reaching over 70,000 in May.
Despite the alarming figures, the report did not provide details on the number of phishing attacks for the first half of 2023 or the total amount of illegally transferred funds for the full year of 2023. Furthermore, the report did not specify the identity of the organization responsible for conducting the most phishing attacks in the first half of the current year.
The Council of Anti-Phishing Japan did not specify the number of cases related to phishing attacks traced to securities firms. However, it did provide the data on the number of phishing attacks, offering a clear picture of the growing cyber threat.
The report on cyberspace threats did not provide a projection for the total amount of illegally transferred funds for the full year of 2023. However, given the increase in phishing attacks and the figures for the first half of the year, it is projected that the number of phishing attacks for the full year of 2023 will surpass the annual record of 1,718,036 set in 2024.
The amount of illegally transferred funds from internet banking accounts in Japan from January to June 2022 was approximately 4,224 million yen. While this figure is lower than the projected 2023 total, it underscores the need for increased vigilance and security measures to protect against cyber threats.
The report on cyberspace threats serves as a wake-up call for individuals, businesses, and financial institutions to bolster their cybersecurity measures and stay vigilant against the growing threat of phishing attacks and illegally transferred funds.
