The Financial Services Authority (OJK) announced that the Indonesia Anti-Scam Center (IASC) will involve players from the fintech peer-to-peer (P2P) lending and crypto industries to tighten the fight against financial scams.

Friderica Widyasari Dewi, OJK's Executive Head of Financial Services Business Conduct Supervision, Education, and Consumer Protection, revealed this plan during the OJK Monthly Board of Commissioners Meeting (RDKB) in February 2025.

"With more comprehensive synergy and collaboration from financial sector players, we can slow down scammers and prevent further losses for the public," said Friderica, also known as Kiki, in Jakarta on Tuesday.

Currently, IASC has gathered support from 96 banks and 51 payment system providers. Additionally, one e-commerce platform and two telecommunications companies have joined the initiative. Recognizing the growing need to address scam victims' cases, OJK now seeks to bring fintech lending and crypto firms into the fold.

Kiki highlighted the evolving methods of scammers, pointing out how fraudsters now move stolen funds into crypto assets. "Previously, they would withdraw money in cash, but now they shift it to crypto. We’ve discussed with Mr. Hasan Fauzi (OJK's Executive Head of ITSK and IAKD) how to involve crypto traders in IASC moving forward," she explained.

IASC was established as a collaboration between the Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI), banking associations, payment systems, and other partners. It officially launched on November 22, 2024.

As of February 27, 2025, IASC has received 57,426 scam reports, including 38,862 submitted through banks and payment providers and 18,564 reported directly by victims to IASC. The center has recorded 64,219 reported accounts, with 28,568 already blocked. The reported financial losses have reached Rp994.3 billion, while the frozen funds stand at Rp127 billion.

"IASC will continue to strengthen its capacity to accelerate scam handling in the financial sector," Kiki emphasized.

PHOTO: SWA/IST

This article was created with AI assistance.