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View all search resultsOJK shuts down 951 lenders, warns of digital fraud
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Debt trap: A person receives a message from the Financial Services Authority (OJK) on Sept. 10, 2023, asking Indonesian citizens to be wary of online lending platforms. (Antara/Cahya Sari)
T
he Financial Services Authority (OJK) has shut down 951 unlicensed lending entities and two unauthorized investment offers operating through websites and applications in the first quarter of the year, as part of an intensified nationwide crackdown on illicit finance.
The clampdown comes as the OJK’s Illegal Financial Activities Eradication Task Force (Satgas PASTI) reports a surging number of digital fraud schemes, ranging from deposit-based advertising services to the impersonation of globally licensed firms.
“These schemes are generally disseminated through social media, private messages, chat groups and other digital channels,” the OJK said in a statement on Tuesday.
Satgas PASTI has identified five fraudulent schemes most frequently reported by the public during the period.
The first involves advertising services with a deposit system, where victims are promised income for simple online tasks such as writing reviews, watching advertisements or clicking links, only to be required to deposit funds with the lure of increased returns.
The second is the duplication or imitation of licensed investment offers, known as impersonation scams, where perpetrators copy the names, logos or identities of legitimate financial service providers.
The third involves opaque funding offers for specific businesses or projects that promise fixed returns without clear business models or regulatory oversight.
