Japan plans to demonetise its elderly. Here’s why

Japan is planning to address the growing incidence of monetary scams in the country by taking away bank cards from elderly people. By taking away their cards, the elderly population would not be able to access cash machines and in turn, save them from getting scammed. Japan’s National Police Agency has called for new measures in the banking industry to safeguard the interests of elderly people as they are the most vulnerable to such fraudulent activities. Under its proposal, the National Police Agency has said that anyone above the age of 65 and those who have not used their bank cards for over a year should have them suspended. The scam that attacks elderly the most Because elderly people are easier to convince, scammers target them more often than they attack others. One of the most common ways scammers use to deceive people is by posing as bank representatives and warning targets that their accounts are overdrawn and that they must complete a transfer to avoid bank charges. Another scam, infamously known as the ore, ore, or “hey, hey” in Japanese, is where a caller pretends to be a relative or friend of the target, asking for help. While many potential targets, especially the young adult population, immediately disconnect such calls, elderly people, who are often less aware of the scammers’ methods, fall trap to their crimes. According to data provided by the National Police Agency, elderly females are scammed more than elderly males. Explaining the reason why people involve themselves in such crimes, Masayuki Umemoto, the director of the Japan Security School, said, “Many of the young people involved in fraud are deeply in debt.” “Since 2000, social disparities have worsened, and many families have gone into debt to pay for their children’s university education,” he added. Many sceptical of plan While the intentions of the agency seem clear, some older Japanese have raised concerns that it may prevent them from accessing money for their use. Tomoko Oono, a retiree from Saitama prefecture north of Tokyo, said that while she wants authorities to take action, she fears that this plan might not be a good idea. “Anything that can be done should be done because I hear of so many of these cases,” Oono said. She added, “The banks and the police have tried to put a stop to it, but it’s really difficult because all they [scammers] need is a mobile phone.” “But at the same time, I am not sure if limiting old people’s access to their bank accounts is a good idea either. My mother still lives by herself, and she uses cash all the time because she is not able to do things like online shopping,” she continued.