High Literacy Does Not Mean Scam-Free; OJK Pushes for Law Enforcement Cooperation in Financial Sector

TEMPO.CO, Jakarta - The Financial Services Authority (OJK) said that people's high level of financial literacy does not guarantee that they will be safe from the traps of fraud. Friderica Widyasari Dewi, OJK's chief executive for supervision of financial services business conduct, education and consumer protection, said that knowledge and literacy are often outweighed by greed and the desire for instant results.

"A fairly high level of understanding is often defeated by behavior caused by greed and the desire for instant gratification. Educating someone to invest slowly for the future is often thwarted by the desire to [profit] faster and bigger," he said in an online press conference of the OJK Board of Commissioners on Monday, August 5.

Friderica cited the results of the 2024 National Survey of Financial Literacy and Inclusion (SNLIK), which showed that the national financial literacy reached 65.43 percent, while the financial inclusion index was 75.02 percent. Meanwhile, the Sharia financial literacy index was 39.11 percent and the Sharia financial inclusion index was 12.88 percent.

Therefore, she said, the OJK will not only strengthen public understanding and literacy, but also regulate and enforce the law. She said that legal and logical understanding when choosing financial sector services will always be included in the OJK's education module.

"It must be accompanied by regulation and law enforcement, and carried out in collaboration with all parties concerned," she said.

The OJK is preparing to launch an anti-fraud center team to eradicate various illegal financial activities, which Friderica said were massive in society.

"It is hoped that this will be the answer to this problem. [It will be launched in the month of independence - in August this year," Friderica said during the press conference.

Almost 2,000 Legal Entities Shut Down

The OJK has also blocked 1,740 illegal entities from 2017 to June 2024, including 149 illegal investments and 1,591 illegal online loans. From January to July this year, he said, the OJK received 10,104 reports on illegal entities and received more than 40,000 related to illegal financial activities spreading in society.

Friderica said that out of 40,060 reports in the financial services sector (SJK), 622 complaints were indicated as violations and 1,302 were categorized as disputes by the SJK Alternative Dispute Resolution Institution.

ADIL AL HASAN

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