OJK Launches Guidelines For Anti-fraud Strategy For Financial Sector Technology Innovation Organizers

JAKARTA - The Financial Services Authority (OJK) together with the Indonesian Fintech Association (AFTECH) and the Indonesian Sharia Fintech Association (AFSI) launched an Anti-Fraud Strategy Guide for Financial Sector Technology Innovation Operators (ITSK) to mitigate fraud practices and build public trust.

OJK Chief Executive Supervision of Financial Technology Innovation, Digital Financial Assets and Crypto Assets (IAKD) Hasan Fawzi explained that losses due to fraud in the ITSK sector are closely related to the decline in public trust in digital platforms or often referred to as digital trust.

This will have a big impact considering that digital trust is the main foundation of the ITSK industry.

"We hope that this guideline can be implemented properly by the Association for all ITSK Organizers so that the digital ecosystem in Indonesia can be further developed and trusted by the community," Hasan said in his statement, Sunday, May 19.

The steps that ITSK organizers can take in preventing and handling fraud include the implementation of strong internal risk management and control.

Hasan added that the next step is to increase transparency to consumers, improve IT infrastructure capabilities, carry out sustainable education for all employees and carry out activities aimed at increasing consumer literacy.

He conveyed that the OJK continues to support the development of the ITSK sector through various policies and synergies with the Financial Services Industry (IJK) to encourage the creation of a conducive and collaborative digital financial ecosystem.

"This inter-stakeholder partnership will encourage the creation of a conducive and collaborative digital financial ecosystem, and ultimately enable financial service institutions (LJK) to explore and develop digital innovation-based financial services that are inclusive and in accordance with the growing needs of the community," Hasan said.

According to him, good collaboration will open access for ITSK organizers to a wider market and get exploration opportunities with LJK in developing new products and services. This will also have a positive impact on the development of the ITSK industry as a whole.

Hasan also said that the OJK had issued POJK No. 3 of 2024 concerning the implementation of ITSK as a renewal of POJK No. 13 of 2018. In this POJK, provisions are regulated regarding the provision of space and/or facilitation of trial/innovative development (Sandbox), licensing, monitoring and evaluation, financial education, consumer protection, protection of consumer personal data, institutional aspects and implementation of ITSK, including activities carried out by third parties that support the implementation of ITSK.

Hasan conveyed that the issuance of POJK is one of the OJK's initiatives to support the development and strengthening of ITSK in the financial services sector.

For information, through the implementation of Sandbox, OJK has set five business models, namely Aggregation, Financing Agent, Funding Agent, Wealthtech, and Innovative Credit Scoring to be regulated by OJK.