Jakarta (ANTARA) - The National Consumers Protection Agency (BPKN) has asked stakeholders to devise more detailed regulations on access to and the use of personal data by peer-to-peer (P2P) lenders.

"There is still a lack of education from the authority to consumers regarding P2P lending; (education is needed) so that consumers can increase (their) literacy about P2P lending and be more vigilant against online lenders' offers," BPKN head Rizal E. Halim explained here on Friday.

To boost protection against illegal online lending, stakeholders need to make more detailed rules, implement stricter supervision of legal and illegal P2P lenders, and disseminate information, as well as ensure law enforcement against illegal P2P lenders, according to BPKN.

According to Halim, stakeholders need to disseminate information about legal P2P lending effectively and massively as well as formulate strict regulations for P2P lenders in terms of charging borrowers, which would require them to apply business ethics and humane principles.

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He said that there is a need to increase the role of the Financial Services Authority (OJK) in expanding financial inclusion and consumer literacy about P2P lending through the provision of financial education to the public, especially the lower middle classes who do not have access to banks or financial service institutions.

"And BPKN will also always be ready to receive public complaints if they are harmed or receive treatment that violates the rules from online lending (service) operations, both legal and illegal. The public can complain to BPKN through WhatsApp 08153153153 or the BPKN 153 application," he informed.

Recently, hundreds of college students and people at a university in Bogor, West Java, fell victim to online fraud.

According to the OJK Investment Alert Task Force, the fraud did not involve illegal online lending, but rather a scam, where the perpetrator offered the victims a commission of 10 percent per transaction.

The perpetrator launched an online store to lure victims to fund the purchase of goods, but the goods were actually not real.

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Translator: M Heriyanto, Kenzu
Editor: Suharto
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