Regulators And Financial Industry Actors Collaborate To Intensify Consumer Protection Education

Deputy Governor of Bank Indonesia (BI) Juda Agung. (Photo: Doc. Antara)

JAKARTA - Regulators and players of the financial industry collaborate in the Consumer Protection Joint Movement (Geber PK) to intensify consumer protection education on financial services and payment systems through literacy so that people avoid fraud (fraud). This activity is a sign of the increasingly intense consumer protection program by financial and payment systems administrators," said Deputy Governor of Bank Indonesia (BI) Juda Agung in Jakarta, quoted from Antara, Saturday 30 March. Education will in turn increase public understanding and vigilance in order to avoid fraud/fraud and scam modes.Geber PK is a joint collaboration between BI and the Financial Services Authority (OJK), the Ministry of Communication and Information Technology of the Republic of Indonesia, with the Association of Indonesian Payment Systems (ASPI), National Banking Association, the Indonesian Fintech Association (Aftech), and the Indonesian Payment Gateaway Association (APGI), as well as actors in the financial sector, aimed at activating education at one-time, one-themed, and multi-channels.Juda tells the suitability, content, and collaboration (3K) as a message in an effort to improve consumer protection education for the community. 3K includes suitability of the education strategy, content that is in accordance with the context as well as targeted communication channels, as collaboration with stakeholders to expand reach to the public. It is hoped that the increase in consumer literacy by prioritizing the rights and obligations in utilizing digital products can make transactions more convenient and secure from fraud. This is a concern in the midst of increasing risks in the financial sector, which is characterized by as many as 13 thousand consumer complaints received by BI in 2023.

This number increased by 170.4 percent compared to previous year's complaints, with most complaints being due to fraud. Meanwhile, OJK member Commissioner Friderica Widyasari Dewi said financial services can cause various risks if adequate literacy is not balanced. Therefore, OJK is committed to increasing supervision of education and consumer protection by compiling a four-pillar roadmap. The four-pillar roadmap includes strengthening education programs and expanding access to finance, strengthening consumer protection with complaints, market contracts and eradicating illegal financial activities carried out with BI. Thus, health and financial resilience will be created.