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View all search resultsMoney laundering, data breaches emerge as dark side of fintech
Coordinating Economic Minister Darmin Nasution said that while fintech could make financial services accessible to more people compared to conventional financial institutions, there were three threats related to the mushrooming of fintech services.
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Illustration of financial technology (fintech). (Shutterstock/File)
A
s financial technology (fintech) from e-wallet services to peer-to-peer (P2P) lending gain traction in Southeast Asia’s largest economy, security threats such as money laundering and data breaches lurk around the corner.
Coordinating Economic Minister Darmin Nasution said that while fintech could make financial services accessible to more people compared to conventional financial institutions, there were three threats related to the mushrooming of fintech services.
The threats are namely money laundering, data breaches and monopolies, he said, adding that the government together with the BI and OJK are seeking policies aimed at balancing threat mitigation and innovation development.
“We need to consider the mitigation [strategy] to data misuse and fintech’s susceptibility to money laundering,” Darmin said during his keynote speech at the Fintech Forum event held in Jakarta on Wednesday.
