MPR praises OJK for offering financial advice to prevent fraud

This is why public education has become a key to (preventing) other victims from falling into (the fraudsters’ net)

Jakarta (ANTARA) – The Deputy Speaker of the People’s Consultative Assembly, Syarief Hasan, has praised the efforts made by the Financial Services Authority (OJK) to offer financial advice to those affected by COVID-19 in order to prevent online fraud.

OJK’s program aims to educate people on financial matters so that they can use digital financial platforms wisely, he said in a written statement received here on Wednesday.

It aims to ensure that people do not fall into the trap of online fraud and illegal digital transactions.

He considered it important to educate people about the dangers and methodology used in online fraud, especially in today’s digital age where gadgets are widely used.

Lately, there have been digital platforms offering loan schemes and investment opportunities, which have turned out to be fake, thereby harming people. The OJK, as a state institution that monitors and regulates these issues and is integrated with the financial sector, strives to ensure that people can transact safely, he explained.

The value of digital transactions using financial technology is enormous, he informed.

According to OJK data, in February 2022, the cumulative distribution of loans to recipients reached Rs 326.3 trillion, with 76.6 million borrower accounts and 559.3 million loan recipient transactions.

“It proves that the Financial Services Authority has a crucial role to play in ensuring that these many digital transactions are secure and carried out in accordance with regulations,” he noted.

He added that the use of digital technology to meet financial needs comes with certain weaknesses, which could be exploited by criminals. There are many cases that prove this to have been the case, including illegal online loans, fake investments, and online gambling.

“That’s why public education has become a key to (preventing) other victims from falling into (the fraudsters’ net),” he remarked.

According to the National Financial Transaction Reports and Analysis Center, over the past 20 years there have been as many as 247 million suspicious transaction reports. Thus, it is no surprise that the Financial Services Authority’s Investment Task Force has reported that over the past 10 years, fraudulent investment losses have reached Rs 117.5 trillion.

“Technology is like two sides of a coin; there are opportunities and benefits, but it also carries risks if misused,” he added.

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