Danamon Urges Customers To Avoid Illegal Cash Gesek Practices

Photo: Doc. Danamon

JAKARTA - PT Bank Danamon Indonesia Tbk (Danamon) continues to educate its customers to be wiser in managing finances and avoiding cash friction (gestun) practices that have been banned by Bank Indonesia (BI) and the Financial Services Authority (OJK). This gestun practice not only violates the law, but also carries many risks that can harm customers, such as theft of personal data and money laundering.

Gestun itself is an action taken by credit card holders by utilizing their credit card limit through electronic data capture (EDC) machines at certain merchants. Formally, this transaction looks like a purchase of goods or services, but actually only to cover up its main goal of withdrawing cash.

For some customers, gestures are an option because they need cash quickly without having to withdraw from ATMs that are subject to cash withdrawal interest, or without having to go through a personal loan application process. However, even though it looks practical, the actual gesture is a fictitious transaction that has the potential to bring in various financial and non-financial risks to customers.

The gestun practice was declared illegal by BI and OJK, which made it a violation of the law. Bank Indonesia through Bank Indonesia Regulation No.11/11/PBI/2009 and the amendment stated that the gesture was a form of fraud or illegal transactions. If caught doing this practice, the perpetrator can be subject to severe legal sanctions.

According to the OJK-Banking Wise book, cash friction is not a bank product and therefore, if there is a loss due to this transaction, customers cannot ask for compensation from the bank. Customers involved in gestures are also vulnerable to greater risks, such as misuse of personal data and identity theft. Personal data taken from transactions at merchants can not be officially used to access customer account information or credit cards without their knowledge.

In addition, gestures also open up opportunities for money laundering practices, namely money from crimes or illegal activities can be laundered through repeated transactions that appear to be legitimate on the surface. By avoiding strict supervision from banks and regulators, perpetrators can turn money from criminal acts into money that appears legal. This not only harms customers personally, but can also damage the financial system as a whole.

In an effort to prevent these risks, Danamon appealed to customers to be more careful and avoid all forms of gestun practice. Danamon also emphasized the importance of using credit cards according to their function as legal and legal means of payment, not as a tool to illegally obtain cash, and invite customers to manage personal finances more wisely, by ensuring that they prioritize security and responsibility in each expenditure.

As a solution for customers who need cash funds securely and legally, Danamon provides Money Transfer services. This service provides convenience for customers to disburse their credit card limits to bank accounts with interest starting at 0 percent. Customers no longer need to take shortcuts such as gestures to get cash funds, because with Money Transfer, they can apply for a credit card limit disbursement with a fast and easy process.

This service can be accessed through the D-Bank PRO mobile banking application, so that customers can apply at any time and anywhere, with a disbursement process that only takes 30 seconds. Danamon also offers flexibility in installment tenors ranging from 6 to 36 months, which can be adjusted to customer needs.

"Danamon understands that sometimes customers need cash funds for certain purposes. Through the Money Transfer service, we provide a safe, easy, and convenient solution to get cash funds without having to make a gesture. This service is also part of our commitment to support Bank Indonesia and OJK efforts to eradicate detrimental cash friction practices," said Enriko Sutarto, Consumer Lending Business Head of PT Bank Danamon Indonesia Tbk.

Danamon, he continued, believes that by providing comprehensive financial solutions, customers can avoid risks arising from illegal practices such as gestures. This is in line with Danamon's commitment to the company group and its strategic partners to continue to transform as a Financial Group and become trusted financial partners that are customer-oriented by providing comprehensive financial solutions, so that customers can grow with Danamon.