Japan Brokerage Body Weighs Tougher Moves to Fight Phishing Scams

An association representing Japan’s brokerages is considering tightening security guidelines for member firms, as a surge in phishing scams hits retail broking at Nomura Holdings Inc. and other houses, people familiar with the matter said.

A working group of Japan Securities Dealers Association is discussing a revision to the current set of recommendations in order to prevent fraud in online transactions, the people said, asking not to be identified because the matter isn’t public. The body will likely go through matters including the need to more strongly urge members to adopt a thorough client verification procedure known as multi-factor authentication, they said.