Japanese Bank to Stop Allowing ATM Cards, PCs For Account Access

Mitsubishi UFJ Financial Group plans to launch Emut Bank in early 2027 as the first digital bank affiliated with a major Japanese financial institution to eliminate ATM cards, "instead having customers confirm identities using the bank's smartphone app for additional security amid a rising tide of cyberattacks," reports Nikkei Asia Review. The smartphone app will also be the only way to manage deposits, with no PC-based banking. From the report: Security has become a greater concern recently. As artificial intelligence advances, Japan has seen a surge in cyberattacks targeting companies, as well as a rise in phishing attacks aimed at stealing personal information, often targeting bank accounts. The technology being used by Emut was developed by Seven Bank, the consumer finance unit of Seven & i Holdings, operator of 7-Eleven convenience stores. Emut customers will be able to withdraw money from Seven Bank's roughly 28,000 ATMs. The network is expected to gradually expand to cover the 16,000 or so ATMs at FamilyMart convenience stores. Although MUFG Bank ATMs will not be accessible, MUFG will consider changing this in the future.