Japan, which has always been known for its good public security, has seen an increase in theft and fraud cases. According to the Asahi Shimbun report, major bank theft cases recently occurred at the Nerima Branch and Tamagawa Branch of Mitsubishi UFJ Bank, with a total loss of more than one billion yen. Starting in April 2020, former employees of Mitsubishi UFJ Bank began to steal money and valuables stored in bank safes by more than 60 bank customers. The employee admitted the crime last month, and Mitsubishi UFJ Bank President Junichi Hanzawa publicly apologized to Japanese society at a press conference today.
To open a bank safe, in addition to the customer's key, you also need a bank key. However, in this case, the customer's spare key was also stored with the banker, who used the spare key to open the safe, steal cash and valuables, and invest the stolen money in personal investments. Mitsubishi UFJ Bank is currently negotiating with the injured customers and is preparing to formulate a compensation amount of up to 300 million yen.
The case exposed loopholes in banks' safe deposit box management. Although a third party usually monitors the spare key seal, the seal is never checked to see if the key is actually being kept securely. It was initially suspected that an accomplice was involved in the case, but the suspect denied having an accomplice and pleaded guilty.
Japanese financial experts pointed out that bank employees can easily obtain spare keys to safes. Each bank manages their safe deposit boxes differently but they are usually similar. In this case, the clerk used the key seal bag that would normally go unnoticed to easily obtain the spare key and steal the customer's property.
This case caused great shock in Japanese society. Many people expressed disbelief. If banks cannot be trusted, how should they take care of their valuables? Mitsubishi UFJ Bank cannot disclose the specific safe management methods. However, many professionals with banking experience said that usually at least two bankers are required to be present at the same time when opening a safe to assist customers in opening the safe. However, in this case, the suspect was a senior bank clerk, and the bank's senior management was negligent in the management process, which ultimately led to heavy losses for customers. This incident also prompted society to review Japan's traditional banking system.
The safety of bank safes is questioned
This case not only caused Japanese people to question the safety of bank safes, but also served as a reference for Taiwan. Similar cases of tampering have occurred in banks in Taiwan, where bank employees stole money and valuables from customers' safes while working. Due to the similar folk customs between Taiwan and Japan, many people are accustomed to storing valuables such as cash, jewelry, gold ornaments, and certificates in bank safes.
Opening the safe requires the assistance of a bank clerk, and the spare key is also kept by the bank. If valuables are lost, it becomes very difficult to claim compensation. To avoid similar problems, many banks have eliminated safe deposit box services. In the United States, many banks no longer provide safe deposit box escrow services.
In recent years, incidents of internal bank employees committing theft have gradually increased. The case of Mitsubishi UFJ Bank exposed serious loopholes in the safe deposit box business management of traditional banks. This not only makes the Japanese people doubt their trust in banks, but also triggers discussions on the traditional banking financial system. This incident reminds people that they need to be more cautious when keeping valuables. Banks also need to review the ethics and morals of their employees to prevent the public from panicking.
This article Mitsubishi UFJ Bank was caught in the act: bank employees stole customer safes for a long time, resulting in losses of up to one billion yen. It first appeared on Lian News ABMedia.