OJK reveals why illegal online loans and investment still widespread in Indonesia
English
JAKARTA — The Financial Services Authority (OJK) revealed a number of things that are the cause of the rise in investment and illegal online loans (pinjol) to personal loans (pinpri).
OJK Chief Executive for Supervising the Behavior of Financial Services Business Actors, Education and Consumer Protection, Friderica Widyasari Dewi said that demand and supply are the main factors that cause illegal loans and investments to pinpri to still be rampant.
From the demand side, Friderica said that some people have an inadequate level of literacy about the basics of financial products or services, investment management and personal finance.
"They do not realize the importance of checking official permits from the competent authorities regarding financial product or service offerings before investing," said Friderica, Thursday (11/1/2024).
Kiki, Frederica's nickname, explained that people's digital financial literacy is inadequate in responding to illegal loan offers. In particular, related to information available on digital devices or mobile phones.
Regarding illegal investment offers, Kiki said that the proliferation of the Casino Mentality among the public is in principle a paradigm of wanting to get rich quickly and easily in a short time without considering the risks faced.
Apart from that, pressure from the social environment to participate in investment opportunities is also a demand factor for the rise in illegal investment. This can influence a person's decision so as not to be labeled behind the trend or what is often called Fear Of Missing Out (FOMO).
From the supply side, Kiki said the servers used by Pinjol are outside Indonesia. Even so, Kiki emphasized that efforts to overcome these obstacles continue to be made by asking for help from task force members who have authority such as the Ministry of Law and Human Rights, Kominfo, Ministry of Foreign Affairs and the National Police.
Apart from that, Kiki revealed that currently it is still easy to create illegal loan applications. Regarding this matter, the Task Force continues to try to trace the parties who created the application by identifying the URL and package name.
Kiki emphasized that education about safe and legal investment as well as law enforcement that is effective, strict and has a deterrent effect on illegal investment and lending practices is very important. Especially to protect the public from this kind of fraud.
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