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Jakarta Post

Police get expertise help to crack down on online loan sharks

  • News Desk

    The Jakarta Post

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Jakarta   /   Wed, August 14, 2019   /  02:28 pm
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Illustration of financial technology (fintech).(Shutterstock/File)

Police looking to crack down on online loan sharks offering easy money on tough terms have sought expert help in getting past the complexities of the fintech industry. In the past, the police only took action based on complaints filed by victims, but that is now changing as the number of people filing complaints rises. The National Police have formed a task force with the Financial Services Authority (OJK), the government agency that regulates and oversees the operation of financial institutions in Indonesia. The agency has outlawed 14 sites offering peer-to-peer (P2P) lending online, but until recently, this has not helped the police in building a case against them. The Investment Alert Task Force will speed up the processing of complaints received from people falling prey to and being abused by creditors because they have failed to repay their debts. One of the recent cases...