The Liberal Democratic Party and coalition partner New Komeito agreed Thursday to a bill that would require financial institutions to compensate depositors for losses incurred from stolen or forged cash cards unless the users are mainly at fault, officials from the two parties said.
The number of bank card crimes has surged in the past year and has made bank customers worried about the security of the automated teller machine system.
The bill states that financial institutions would in principle be obliged to cover all of depositors' losses from cash card thefts and forgeries for up to 30 days before depositors notify the institutions.