A sharp rise in thefts and forgeries of cash cards, or ATM cards, and the resultant loss of cash from deposits has become a serious problem. Last year there were 3,448 ATM card thefts and forgeries, causing losses worth some 2.4 billion, yen according to the National Police Agency.
To protect depositors from such crimes, the Liberal Democratic Party and its coalition partner New Komeito introduced a bill in the Lower House on June 21. The Upper House passed it into law on Aug. 3. Due to take effect on Feb. 10, 2006, the law will be a boon to the public because ATM cards are indispensable in daily life today.
Even before the law is enforced, the public is likely to receive the same benefits stipulated under the law because it calls on financial institutions to give utmost consideration to the spirit of the legislation. That means that pertinent measures -- compensation for losses -- will take effect fairly soon if they haven't already. The law, however, does not cover losses resulting from the theft of bank books.
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