Kredivo Reveals Modes Of Increasing Fintech Account Abuse

Personal data security illustration (photo: Kredivo)

JAKARTA - Along with the popular use of fintech services in Indonesia, the mode of crime such as misuse of fintech accounts is also increasingly diverse and complex, coupled with the low index of public financial literacy in the fintech sector.

A survey conducted by Kominfo with the Katadata Insight Center (KIC) in 2022 noted that 53.6 percent of Indonesians have a low level of awareness regarding personal data protection.

Thus, Kredivo as a provider of digital financial services that prioritizes consumer protection said that this figure reflects that most people do not yet have adequate knowledge of how to protect their personal data in a digital context.

As a result, many consumers easily provide their personal data regardless of the potential risks, including crimes to illegally open fintech accounts or commit other scams.

Responding to this phenomenon, Indina Andamari as SVP Marketing & Communications Kredivo, emphasized that to create a conducive fintech ecosystem requires synergies that not only involve industry players, but also the public as users of fintech services.

So, what are the latest modes of misuse of fintech accounts that often haunt consumers? Check out the things you need to be aware of along with the prevention tips:

Phishing under the guise of a fintech service provider

Perpetrators who pretend to be customer service providers of fintech services often send e-mails, links, text messages, or make phone calls for various reasons, such as having problems with the victim's account then offering assistance. This mode is used to trick victims to provide personal information such as user ID, password, one-time password (OTP) and others.

Social engineering from the lure of lottery to job offers

The fraudulent tactics that manipulate victims through social interactions seem to be increasingly popular with fraudsters and now the modes are increasingly diverse. Usually, with the lure of lottery prizes and job offers, the perpetrator asks for various personal data such as NIK, KTP, and selfie photos, which are often misused to activate accounts in fintech services.

Beware of fake apps

Fake applications are also now starting to become a mode of fraud because they resemble the official application of fintech service providers. This is dangerous because when victims download from an obscure source and enter their information into this application, the data will be stolen by the perpetrators.