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View all search resultsOJK to weed out dodgy ‘finfluencers’, but will it help?
While many retail investors turn to influencers for investment clues, authorities struggle to contain misinformation online.
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Eyeing the market: A man watches stock price movements on a screen on Feb. 24, 2022, in Jakarta. (Antara/M Risyal Hidayat)
V
alencia was only 22 years old but keen to start investing when she turned to social media for financial advice in 2020, her first year in the workforce.
She began following several online influencers, many of whom promised quick gains for followers who would buy certain stocks at the “right” time.
It was later that she realized they never disclosed when they were pulling out, leaving the stock to crash and followers like her to bear the loss.
She was still holding onto some losing positions until this day but has exited smaller ones with losses of Rp 1 million (US$60.75) to Rp 2 million.
“But now, I stopped following them [influencers] altogether,” Valencia told The Jakarta Post on Monday.
“I don’t believe there’s a truly genuine influencer. When the market’s hot, the tips are everywhere, but nobody says a word when they would cash out.”
Read also: Fraud and other risks still holding back P2P lending business
