OJK Asks Google And Meta To Stop Showing Illegal Loan Ads

Illustration. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) has asked technology companies Google and Meta, which are the parent companies of Instagram, Facebook and WhatsApp to stop broadcasting illegal online loan advertisements (pinjol) on its platform.

"We also ask Google and Meta so that they do not show illegal loan advertisements in their applications," said Chief Executive of the Behavior Supervisory of Financial Services Business Actors, Education and Protection of OJK Consumers Friderica Widyasari Dewi after the launch of the Roadmap for Supervision of Behavior for Financial Services, Education and Consumer Protection for 2023-2027 in Jakarta, quoted from Antara, Tuesday 12 December.

However, Kiki, as he is familiarly called, said that his party's efforts to eradicate illegal loans still encounter many challenges. The reason is that if there is one illegal loan platform that has been blocked, at the same time there will be a similar illegal loan platform that appears.

"So far people have asked, it's 7 thousand illegal loans that have been closed, but how come it's open again. We are in the Task Force led by Mr. Sarjito, we then [worked] extra mile not only closing the application, but we also closed bank accounts, telephone numbers, WA, and others," explained Kiki.

For this reason, Kiki hopes that the Law on the Development and Strengthening of the Financial Sector (UU P2SK) can become a clear legal basis so as to assist the authorities in eradicating illegal financial activities.

Currently, OJK continues to strive to eradicate illegal loans through the PASTI Task Force which conducts cyber patrols, as well as collaborate with various parties including the Ministry of Communication and Information (Kemenkominfo).

"The P2SK Law is different, it is very clear that for anyone who carries out illegal lending activities, there is a criminal sanction of up to 12 years. The fine is up to Rp. 1 trillion. We and Kominfo do cyberpatrol and we will pursue the perpetrators," he explained.

Furthermore, Deputy Commissioner for Supervision of Behavior for Financial Services and Consumer Protection OJK Sarjito said that in order to solve the problem of illegal loans, collaboration from various parties is needed.

As a follow-up, Sarjito plans to invite Google and Meta representatives to discuss illegal lending advertisements.

"We will follow up again to invite Meta and Google together with Kominfo, also waiting for government regulations that will be more affirmative to suppress [illegalpinjol] actors who advertise things that are not good because this needs cooperation," he said.

As for November 11, 2023, OJK has stopped operating activities of 1,641 illegal financial entities consisting of 18 illegal investments and 1,623 illegal online loans.

Throughout the same period, OJK received 9,380 complaints related to illegal financial entities, which included 8,991 complaints related to illegal loans and 388 illegal investment complaints.