Japan's FSA Alerts on Unauthorized Trades via Stolen Credentials from Fake Security Firms' Sites
TL;DR
Japan’s Financial Services Agency (FSA) has issued a warning about a sharp increase in unauthorized trades on internet trading services. These incidents involve stolen customer information from phishing sites disguised as legitimate securities firms. The FSA reports hundreds of millions of yen in fraudulent transactions, urging users to take precautions to protect their accounts.
Japan’s FSA Warns of Unauthorized Trades via Stolen Credentials
Japan’s Financial Services Agency (FSA) has reported a significant rise in unauthorized access and transactions on internet trading services. This surge is attributed to stolen customer information, including login IDs and passwords, obtained from phishing sites mimicking genuine securities companies.
Increasing Cases of Unauthorized Trading
According to the FSA’s alert, there has been a sharp increase in unauthorized trading activities on online trading platforms. These incidents involve stolen login data from phishing sites that closely resemble the websites of real securities firms. The FSA has provided data reflecting the known cases of unauthorized access and fraudulent trading, although there may be more undiscovered incidents.
Data on Unauthorized Access and Fraudulent Trading
| Metric | February 2025 | March 2025 | April 2025 (as of the 16th) | 3 months total |
|---|---|---|---|---|
| Number of securities firms affected | 2 | 4 | 6 | – |
| Number of unauthorized accesses | 43 | 1,422 | 1,847 | 3,312 |
| Number of fraudulent transactions | 33 | 685 | 736 | 1,454 |
| Sale price | ~100 million yen | ~13.1 billion yen | ~37.4 billion yen | ~50.6 billion yen |
| Purchase price | ~30 million yen | ~12.8 billion yen | ~32 billion yen | ~44.8 billion yen |
Modus Operandi of the Attackers
Typically, attackers hijack victim accounts, sell held stocks, and use the proceeds to buy assets like Chinese stocks, which remain in the account post-attack. The reported sales and purchase amounts represent total transaction volumes, not customer losses.
Precautions to Avoid Unauthorized Trading
To protect against unauthorized trading due to stolen login credentials, users should follow these key precautions:
- Never click links in emails or SMS: Always access brokerage sites via pre-saved bookmarks.
- Enable security features: Use multi-factor authentication and login notifications.
- Avoid password reuse: Choose complex passwords and check account activity often.
- Suspect fraud: If you suspect fraud, change passwords and contact your brokerage immediately.
- Keep devices updated: Use reliable antivirus software to prevent malware-related data theft.
FSA Recommendations
The FSA recommends checking the warning issued by the Japan Securities Dealers Association regarding matters to be aware of when using securities companies’ online trading services.
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Conclusion
The FSA’s warning underscores the growing threat of unauthorized trading due to stolen credentials. Users must remain vigilant and adopt robust security measures to protect their accounts. The increasing sophistication of phishing attacks highlights the need for continuous education and awareness among users of online trading services.