Combating financial crime
We are striving to provide services that our customers can feel secured by implementing a wide range of countermeasures against financial crimes as well as providing assistance for victims of such financial crime.
Combating financial crime and Victim Assistance
There are still a high incidence of bank transfer scam, such as "Emergency scam (or sometimes called Grandparent Scam)" and "Tax Refund scam", and "Investment Scam". In addition, there are incidents of other kinds of frauds including "Phishing" which attempts to steal sensitive information such as customer login ID and passwords for Internet banking by masquerading as a bank in an email, and internet fraud which attempts to cause fraudulent bank transfer by attacking computers with virus.
Each companies of MUFG is proactively implementing diverse countermeasures against these crimes and providing assistance to victims.
Measures to Prevent Loss from Bank Transfer and Investment Scam
MUFG Bank (the Bank) and Mitsubishi UFJ Trust and Banking (the Trust Bank) are taking numerous measures to make customers aware of the sophisticated criminal techniques used in bank transfer and investment scam. Such measures include placing posters in branches and displaying warnings on ATM screens. If customers withdraw or transfer a large amount of money over the counter at branches, employees alerts customers by asking about the details and purpose of the transaction, or take other steps to prevent financial crimes beforehand by contacting the police as needed. In addition, when a customer opens a new account, employees require identity verification to customers and ask them about the purpose of the account's use. In this way, the Bank and the Trust Bank work to protect their customer's account from unauthorized use of financial crime.
Measures to Prevent Loss from Counterfeit or Stolen ATM Cards
IC cards have been introduced to prevent harm due to cash card forgery and theft. To prevent peeping, rearview mirrors have been installed, and ATM screens have been equipped with polarized film and provided with reminder displays about password management. In addition, MUFG Bank has introduced biometric authentication to verify user identity.
Security Measures for Internet Banking Service
A variety of effectual security measures have been established to prevent unauthorized third-party access and fake transactions through phishing and computer viruses.
MUFG Bank (the Bank) and Mitsubishi UFJ Trust and Banking (the Trust Bank) have introduced an electronic certification system, which displays a warning message if an email from the Bank or the Trust Bank has been tampered with. This system also allows customers to confirm on their computers that the server they access during Internet transactions is authentic. To counter computer viruses, the Bank and the Trust Bank recommend customers make use of the free antivirus software "Rapport," which is exclusively designed for Internet banking.
In addition, in order to authenticate online transactions for individual customers, the companies provide the "One-Time Password Card," giving the user a password that is valid only once per transaction. (the Bank also provides this service through a smartphone application.) This service greatly reduces the risk of fraudulent transactions by third parties.
Security measures for corporate customers include the Internet services "BizSTATION" (the Bank) and "the Bank Business Direct" (the Trust Bank) and the provision of the "One-Time Password Card" (the Bank) and the "One-Time Password Token" (the Trust Bank).
Introduction of PCIDSS to Prevent Unauthorized Usage of Credit Card
Throughout the company, Mitsubishi UFJ NICOS (NICOS) is advancing company-wide efforts to comply with the Payment Card Industry Data Security Standard (PCIDSS), an international security standard for the credit card industry which is created to increase controls around cardholder data. In September 2010, NICOS acquired a PCIDSS certificate of compliance for the EC Card Settlement System, a credit card settlement system on the internet. Since then, NICOS has been steadily expanding the range of applications for the PCIDSS to maintain and enhance the security level, and has acquired a certificate of compliance for its major settlement systems in December 2014.
Efforts to Detect Unauthorized Credit Card Use
Mitsubishi UFJ NICOS has introduced an unauthorized use detection system to prevent customers from becoming embroiled in malicious card crimes. This system provides monitoring 24 hours a day, 365 days a year, to determine whether third parties are making unauthorized use of customers' cards.
In order to have customers use their cards with peace of mind, there are instances where card functions are temporarily suspended or where the identity of the card user is confirmed at the store at the time of use in the event that a suspicious transaction is detected. Also, in cases where a customer's card information may have been leaked to a third-party, we quickly enact measures to replace the jeopardized card with a new one (reissuance).
Damage Recovery Assistance for Victims of Bank Transfer Scam
Based on Criminal Accounts Damage Recovery Act, which took effect in June 2008, MUFG Bank and Mitsubishi UFJ Trust and Banking repay victims the residual property in financial institutions' bank accounts if they were used for criminal purposes.
Damage Recovery Assistance for Victims of Fraudulent Withdrawals
MUFG Bank and Mitsubishi UFJ Trust and Banking compensate victims for losses caused from the abuse of counterfeit or stolen ATM cards, stolen passbooks, and Internet bank fraud withdrawals and other activities based on Japan's Depositor Protection Act and on an arrangement announced by the Japanese Bankers Association.
Based on self-regulatory rules of the Japan Securities Dealers Association, Mitsubishi UFJ Morgan Stanley Securities provides compensation to victims of unauthorized withdrawals made by counterfeit or stolen cards.
(As of April 2018)