Japan’s National Police Agency is considering setting a ceiling of ¥300,000 per day on the amount of money elderly people can withdraw or send from automated teller machines, it was learned Tuesday.
The agency has consulted with the Japanese Bankers Association to revise the enforcement regulations of the criminal proceeds transfer prevention law in response to the increasing number of special fraud cases targeting the elderly.
Currently, banks voluntarily set the upper limit on cash withdrawals from ATMs at ¥500,000 per day, with no legal regulations.
According to provisional data from the NPA, the amount of money stolen in special fraud cases soared to a record high of ¥72.15 billion last year. The number of people aged 75 or older who were duped by such swindles was 9,415, accounting for some 45% of the total victims.
The NPA is considering setting a daily limit of ¥300,000 for both cash withdrawals and transfers, in consideration of the amount of pension benefit payments. The envisaged limit is expected to be applied to people 75 or older, taking into account burdens on financial institutions and potential inconvenience to users.
The government indicated in its comprehensive countermeasures for scams, formulated in June 2024, that it would set a cap on ATM use by elderly people.
