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What system is in place to reimburse victims of bank transfer scams?

ANSWER
This law provides for the following process to reimburse victims.

(1) Financial institutions freeze account activity for accounts used in bank transfer scams, etc. (Hereinafter referred to as "bank accounts used for crimes") upon request from law enforcement authorities.

(2) To void all rights to any funds remaining in the bank accounts used for crimes, financial institutions then request this information be announced on the Deposit Insurance Corporation of Japan.

(3) Once all rights to funds remaining in the bank accounts used for crimes have been voided, the financial institution will post an announcement on the Deposit Insurance Corporation's website to inform the victim that they will initiate the process to reimburse stolen funds.

(4) During the request period (at least 30 days) stated in the announcement, the financial institution will verify the victim's identity and then reimburse the victim using the funds remaining in the bank accounts used for crimes.

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