"The number of fraud-related accounts reported is 70,390, and of those, 19,980 accounts have been blocked, or 28 percent," chief executive of financial services business conduct supervision, education, and consumer protection at the OJK, Friderica Widyasari Dewi, said in Jakarta on Friday.
The OJK reported that the total financial losses reported by victims amounted to Rp700.2 billion, while victims' funds amounting to Rp106.8 billion were blocked.
Dewi said that since it began operating on November 22, 2024, until February 9, 2025, the IASC received 42,257 fraud reports.
She added that the IASC was established by the OJK and the illegal financial activity eradication task force (Satgas PASTI), with the support of associations in the financial services industry, to quickly handle financial sector fraud and deter perpetrators.
The establishment of the IASC was aimed at accelerating coordination between financial service providers in handling fraud reports by delaying transactions and blocking fraud-related accounts.
Thereafter, financial service providers can identify parties involved in the fraud, seek to return the victim's remaining funds and pursue legal action.
"Currently, the IASC is supported by banking industry associations, payment system providers, and e-commerce. The IASC will continue to increase its capacity to speed up fraud case handling in the financial sector," Dewi added.
To support consumer protection efforts, the OJK took 16,610 complaints related to illegal entities through Satgas PASTI in the period from January 1, 2024, to January 31, 2025. They included 15,477 illegal online loan complaints and 1,133 illegal investment complaints.
During the same period, at least 3,517 illegal online lending platforms and 519 illegal investment entities were shut down.
Meanwhile, the number of illegal online loans and illegal investment offers that were revoked stood at 3,517 and 519, respectively.
Translator: Kuntum Khaira Riswan
Editor: Aditya Eko Sigit Wicaksono
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