Japan: Shopping and financial scams on the rise

In 2023, Japanese authorities recorded 80,404 complaints from consumers about shopping and financial scams on social media, up nearly 20,000 cases from the previous year, reaching an all-time high.

The number of complaints filed with government consumer redress centers has increased significantly among people aged 50 and over.

Typically, consumers complain of not being able to withdraw money after being lured into investing in forex margin trading, or being tricked into buying branded goods from fake websites…

The Japanese government estimates that consumers may have suffered losses of about $56 billion, a record high.

VAN DO