Mitsubishi UFJ Financial Group's internal theft: employees have been stealing from customer safes for a long time, resulting in losses of up to 1 billion yen.

Japan, which has been known for its good public security, has seen an increasing number of theft and fraud cases. According to Asahi Shimbun, there have been major bank theft cases at Mitsubishi UFJ Bank's Nerima Branch and Tamagawa Branch, with total losses exceeding 1 billion yen. Since April 2020, a former employee of Mitsubishi UFJ Bank has been stealing money and valuables from over 60 bank customers' safe deposit boxes. The employee admitted to the crime last month, and Mitsubishi UFJ Bank President Junichi Hayasawa publicly apologized to Japanese society at a press conference today.

To open a bank safe deposit box, in addition to the customer's key, a bank key is also required. However, in this case, the customer's spare key was stored with the bank employee. The employee used this spare key to open the safe deposit box, steal cash and valuables, and put the stolen money into personal investments. Mitsubishi UFJ Financial Group is currently negotiating with the affected customers, preparing to compensate them with an amount of up to 300 million yen.

This case exposed the loophole in bank's safe deposit box management. Although there is usually a third party monitoring the sealed bag of spare keys, no one has ever checked whether the sealed bag has actually been properly kept. Initially, there were suspicions of accomplices in the case, but the suspect denied any accomplices and confessed.

Japanese financial experts pointed out that bank employees can easily obtain spare keys to safe deposit boxes. The management of safe deposit boxes varies from bank to bank, but it is generally similar. In this case, the employee used key seal bags that are usually not noticed to easily obtain spare keys and steal customers' belongings.

This case has caused a great shock in Japanese society, and many people find it hard to believe. If even banks cannot be trusted, then how can one entrust their valuables? Mitsubishi UFJ Bank cannot publicly disclose the specific management method of the safe deposit box. However, many professionals with banking experience have indicated that at least two bank clerks are usually required to be present when opening a safe deposit box to assist the customer. However, in this case, the suspect was a senior bank clerk, and the negligence of the bank's management process ultimately led to significant customer losses. This incident has also prompted a review of the traditional banking system in Japan.

The security of bank safes is being questioned

This case not only triggered Japanese people's doubts about the security of bank safes, but also deserves Taiwan's attention. Similar cases of embezzlement have occurred in Taiwanese banks, where bank employees took advantage of their jobs to steal money and valuables from customer safes. Due to the similarity in cultural traits between Taiwan and Japan, many people are accustomed to storing cash, jewelry, certificates, and other valuables in bank safes.

Opening a safe deposit box requires the assistance of a bank employee, and the spare key is also kept by the bank. If valuable items are lost, it becomes very difficult to claim compensation. To avoid similar problems, many banks have already canceled the safe deposit box service. In the United States, many banks no longer offer safe deposit box services.

In recent years, the number of internal theft incidents by bank employees has been increasing. The Mitsubishi UFJ Financial Group case has exposed serious loopholes in the management of safe deposit box services in traditional banks. This not only raises concerns about the trust in banks among the Japanese public, but also triggers discussions on the traditional banking financial system. This incident serves as a reminder for people to be more cautious when safeguarding valuable items, and for banks to examine the integrity and ethics of their employees, so as to prevent public panic.

This article Mitsubishi UFJ Bank guards against self-theft: Employees have long been stealing customers' safe deposit box valuables, with losses amounting to as much as 1.02 billion yen, first appeared on Chain News ABMedia.