This is why education for the public has become a key to (prevent) any more victims from falling in (the fraudsters’ net)Jakarta (ANTARA) - Deputy speaker of the People's Consultative Assembly Syarief Hasan has lauded the efforts made by the Financial Services Authority (OJK) for offering financial counseling to people impacted by COVID-19 to prevent online fraud.
OJK’s program aims to educate people about financial matters so that they can utilize digital financial platforms wisely, he said in a written statement received here on Wednesday.
It seeks to ensure that people do not fall for online fraud and illegal digital transactions.
He deemed it important to inform people of the dangers and methodology used in online fraud, particularly in the current digital era when gadgets are being used extensively.
Lately, there have been digital platforms offering loan schemes and investment opportunities, which have turned out to be fake, thereby hurting people. OJK, as a state institution that monitors and regulates such matters and is integrated with the financial sector, is working to ensure that people can transact safely, he explained.
The value of digital transactions utilizing financial technology is massive, he informed.
According to OJK data, as of February 2022, the accumulated loan distribution to recipients has reached Rp326.3 trillion, with 76.6 million borrower accounts and 559.3 million loan recipient transactions.
"This proves that the Financial Services Authority has a crucial role in ensuring that those many digital-based transactions are safe and done in accordance with regulations," he noted.
He further said that using digital technology for meeting financial needs comes with some weaknesses, which could be exploited by criminals. Many cases prove this has been the case, including illegal online loans, fake investments, and online gambling.
"This is why education for the public has become a key to (prevent) any more victims from falling in (the fraudsters’ net),” he remarked.
According to the National Financial Transaction Reports and Analysis Center, in the last 20 years, there have been as many as 247 million reports of suspicious transactions. Thus, it is not surprising that the Investment Task Force at Financial Services Authority has reported that in the last 10 years, fraudulent investment losses have reached Rp117.5 trillion.
"Technology is like the two sides of a coin; there are prospects and benefits, but it also has risks if it is misused," he added.
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Translator: M Zulfikar, Mecca Yumna
Editor: Sri Haryati
Copyright © ANTARA 2022
