OJK Reveals 155,000 Reports of Financial Fraud Using OTP Methodology
Reporter
December 11, 2024 | 10:30 pm
TEMPO.CO, Jakarta - Financial Services Authority, or OJK, revealed that there are 155,000 incoming reports related to financial transaction fraud with the modus operandi of requesting a one-time password or OTP. OJK official Frederica Widyasari Dewi explained that these complaints came from 10 major banks, which reported to her institution from 2022 to early 2024.
"About 155,000 incoming complaints. I believe these complaints are higher because many people fell victim to scams and fraud but did not report it," said Frederica in her speech at The Ballroom Djakarta Theater in Menteng, Central Jakarta on Wednesday, December 11, 2024.
She mentioned that from the numerous reports received by OJK, about Rp2.5 trillion of consumers' money went missing due to financial transaction fraud in the past two years. According to Frederica, this could happen because consumers are hypnotized or unknowingly provide the OTP to financial criminals.
"This money is lost because they (consumers) unintentionally and unknowingly provide their OTP," she said.
Meanwhile, to prevent fraud in financial transactions, the OJK, together with members of the Task Force for Combating Illegal Financial Activities (Satgas PASTI), officially launched the Indonesia Anti-Fraud Center or IASC on Nov. 22. Frederica stated that the Anti-Fraud Center aims to quickly address fraud issues in the financial sector and deter such activities.
"The creation of the IASC aims to speed up the coordination between financial service providers in handling fraud reports by delaying transactions and blocking related accounts involved in fraud," she said in an official statement received by Tempo on Friday, November 22, 2024.
After blocking, Friderica said that this platform would identify the parties involved in fraud, as well as seek to return any remaining funds to victims and take legal action. This is because many people have fallen victim to fraud in the financial services sector, which requires immediate action.
"We have allowed this to happen for too long, resulting at the loss of money that may have been saved for decades for retirement, children's education, and so on. We need to work together synergistically to protect consumers and Indonesian society," she said.
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