Fraud is Increasing, Privy Promotes Strengthening the Digital Trust Ecosystem

Chief Information & Compliance Officer (CICO) Privy, Krishna Chandra (photo: dok. Privy)

JAKARTA - Privy, a provider of digital identities and electronic signatures, emphasizes that digital trust and consumer protection are the main foundations for the strengthening and sustainability of the fintech industry in Indonesia.

According to Privy's Chief Information & Compliance Officer (CICO), Krishna Chandra, with the rapid development of digital services, users are increasingly difficult to distinguish which information is authentic and which is the result of engineering.

This is reflected in the report of the Indonesian Anti-Scam Center (IASC) for the period from November 22, 2024 to October 16, 2025, which found that the number of reports on fraud was around 299,237 with a total loss of Rp7 trillion.

Krishna added that trust could no longer be built just through appeals to be careful. He emphasized the importance of collaboration between industries to prevent fraud.

"Collaboration between industry and regulators is needed to prevent fraud from the start - from trusted identity verification, document tracking mechanisms, to interoperability standards that ensure each transaction can be clearly validated," he said.

Krishna added that Privy's vision in digital identity management security is key in protecting consumers while supporting the sustainable growth of the fintech industry.

Krishna said that Privy's vision in digital identity management security is key in protecting consumers while supporting the sustainable growth of the fintech industry.

He also explained that for consumers, digital identity allows personal data to be stored safely in one trusted platform, so users do not have to repeatedly enter sensitive data when accessing various fintech services.

"Meanwhile, for service providers, this system helps prevent fraud while increasing onboarding efficiency and reducing drop-off rates," explained Krishna.

As a digital identity and digital trust enabler, Privy will continue to open up collaboration spaces with fintech providers, stakeholders, and regulators to encourage a safer and sustainable national financial inclusion.