BI Develops Detection Of Transaction Anomalies And Potential Frauds In The Financial Sector

Photo: Doc. Antara

JAKARTA - Director of the Bank Indonesia Payment System Policy Department (BI) Ryan Rizaldy said BI will develop BI-Payment Clear and BI-Payment Info to detect transaction anomalies and potential fraud in the financial sector. The development of these two infrastructures is in line with the implementation of the 2030 Blueprint Indonesian Payment System (BSPI) to strengthen payment system infrastructure and payment system data. "At BSPI we introduce two infrastructures namely BI-Payment Clear and BI-Payment Info. These two infrastructures will optimize very granular payment data to be able to detect these anomalies from fraud and money laundering and terrorism financing," Ryan said in a journalist training in Bali, Friday, August 23, evening. Development of the two infrastructures will support the strengthening of risk management and financial transaction integrity. "The task of these two infrastructures is clear, he will build capabilities to detect fraud before this transaction is resolved," Ryan said, as reported by Antara.

The infrastructure will also be developed into public infrastructure so that it can reduce industrial investment for similar infrastructure procurement. "Imagine if the infrastructure exists, we transact, the transaction stops there first, test it first and then okay, then it goes to BI-FAST or to the fast payment to the online industry," he said. BI-Payment Info will be developed as a public infrastructure that provides interfaces in granular data processing (data as a service). BI-Payment Info service coverage is grouped in three amounts, namely access of third parties to individual data based on data consent (consent) for example, payment history access for credit scoring; data analysis for transaction anomaly detection and fraud potential, to meet the needs of Bank Indonesia, industry players, and stakeholders; statistics that can be used publicly. Optimizing granular data with Payment ID becomes an underlying providing data as a service. Meanwhile, BI-Payment Clear will be developed as a scheme to strengthen industrial capacity in risk management.

All online retail transactions will be curated with integrity in that infrastructure. Industry players will flag and block suspicious transactions. While focused on online retail transaction services, the use of BI-Payment Clear for non-online transaction curation, such as physical card-based transactions (debit cards and credit cards) remains an open option. Indonesia's digital payment value reached IDR 59,410.73 trillion or three times the value of gross domestic product (GDP) 2023 and grew 116.6 percent compared to 2019.