Unveiling the Comprehensive Steps of the Financial Services Authority to Combat Fraud in the Financial Sector
Fraud threats in the financial services sector are becoming increasingly complex—from data theft, identity manipulation to misuse of digital services. Recognizing these growing risks, Indonesia’s Financial Services Authority (OJK) is not standing still. Through a comprehensive strategy that includes strengthening regulations, leveraging monitoring technology, and educating industry players and the public, OJK aims to ensure Indonesia’s financial ecosystem remains safe, trusted, and inclusive. So, what are the detailed steps? And what challenges lie ahead? Let’s explore deeper.
OJK’s Strategy to Combat Fraud in the Financial Sector
OJK understands that fraud in financial services is an evolving threat with increasingly sophisticated tactics, especially aided by digital technologies. Therefore, OJK has formulated key strategic pillars to anticipate and effectively tackle fraud in 2025 and beyond:
- Strengthening Anti-Fraud Regulations
OJK issued Financial Services Authority Regulation Number 12 of 2024 on the Implementation of Anti-Fraud Strategy for Financial Institutions (POJK SAF LJK). This mandates OJK-supervised financial institutions to implement comprehensive anti-fraud management systems and regularly report their implementation, aiming to establish consistent industry standards for fraud prevention. - Development of Fraudster Information System (SIPELAKU)
OJK developed an integrated database recording fraud perpetrators in the financial sector. This system serves as an information source accessible to financial institutions for risk management and decision-making, minimizing exposure to fraudsters. - Indonesia Anti-Scam Centre (IASC) and Satgas PASTI
As the center for fraud report management, IASC receives hundreds of thousands of reports and works closely with the Financial Illegal Activity Eradication Task Force (Satgas PASTI). This collaboration accelerates blocking fraudulent accounts and helps recover victims’ funds. - Utilization of Advanced Digital Technology
OJK encourages financial institutions to adopt technologies like Artificial Intelligence (AI) and machine learning for real-time fraud detection and monitoring. In addition, secure digital identity verification such as e-KYC, biometrics, and certified digital signatures are part of the recommended solutions to strengthen transaction security. - Anti-Fraud Education and Literacy Campaigns
OJK actively educates industry players and the public to recognize current fraud tactics and ways to protect themselves. This literacy effort aims to reduce consumer losses caused by fraud.
Current Data and Facts on Financial Sector Fraud
- Between January and May 2025, OJK received over 128,000 scam reports through IASC and successfully blocked nearly 48,000 fraudulent accounts, averting losses amounting to trillions of rupiah.
- Consumer complaints in the financial sector reached nearly 36,000 cases over the past year, mostly related to illegal online loans and investment scams.
- The main challenge is fraud’s continual adaptation to new technology, involving digital manipulation, official number spoofing, identity theft, and increasingly sophisticated phishing techniques.
Challenges in Implementing and Enforcing Anti-Fraud Strategies
- Evolving Fraud Techniques
Fraudsters are becoming more adept at exploiting technology gaps and user ignorance through methods like fake BTS (Base Transceiver Station), deepfake, and social engineering. - Complex Coordination and Data Synchronization
Coordination among regulatory bodies, law enforcement, and the private sector remains challenging in building an integrated, holistic anti-fraud system. - Varied Awareness and Literacy Among Users
Limited digital literacy among some segments of the public reduces the effectiveness of anti-fraud education. - Technology and Human Resources Readiness of Financial Institutions
Not all financial institutions possess the latest technology and skilled personnel to implement optimal anti-fraud systems.
Integrated Solutions: Beeza’s Role in Digital Trust Technology
To tackle the complexity and challenges of fraud in financial services, adopting digital trust technology becomes the main solution. Beeza offers a technology platform supporting OJK’s vision, featuring:
- Automated e-KYC and Biometric Verification
Ensuring precise customer identity verification through real-time biometrics and face matching, reducing fake account risks. - Certified Digital Signatures by PSrE
Guaranteeing every transaction and document is legally valid, tamper-proof, and accountable. - Real-Time Transaction Monitoring and Audit Trails
Detecting suspicious activities instantly and recording all digital interactions to accelerate fraud response. - Regulatory Compliance Integration
Beeza facilitates financial institutions in complying with POJK SAF LJK and other related regulations seamlessly.
With these solutions, financial institutions can strengthen integrity, detect fraud early, and maintain customer trust and sector stability.
Conclusion
OJK has made serious, structured moves to eradicate fraud in Indonesia’s financial sector. Strengthened regulation, an active supervisory ecosystem, cutting-edge technology, and massive education efforts form the pillars of this strategy. However, implementation success requires support from secure, legally compliant digital trust technologies like Beeza, to optimize data and transaction protection reliably.
Boost your business and customer protection from fraud threats with Beeza’s complete digital trust solutions. Starting from digital identity verification, legally recognized digital signatures, to real-time transaction monitoring, Beeza is ready to secure and comply with your financial institution’s needs.Visit beeza.id now for comprehensive information and a free demo! Together with Beeza, build a safe, trusted, and inclusive Indonesian financial ecosystem.