Sophisticated cyberattacks target small banks in Japan

$26m transferred to fake accounts in 2015

20161207securityteams

Security teams from 50 Japanese financial institutions participate in a training workshop to combat cyberattacks.

KOSUKE TAKAMI, Nikkei staff writer

TOKYO -- In the past, the language barrier helped prevent overseas criminals from targeting Japan's banks via cyberspace, but recently the number of fake emails written in fluent Japanese has increased dramatically, and they now focus on poorly prepared small and medium-sized institutions. Alarmed by the volume of attacks, the financial services sector is ramping up security measures. 

Preparing for the worst

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