Illegal borrowing and investment remain rampant
Despite various actions taken by the Financial Services Authority (OJK), the Ministry of Communication and Information (Kemenkoinfo), and law enforcement agencies, the prevalence of online loan (pinjol) offers and illegal investments remains high.
Therefore, it is essential for the public to be continually reminded to remain vigilant against various offers from unclear financial institutions, and to strengthen consumer protection systems.
From January 1 to August 31, 2024, the OJK received 11,712 complaints regarding illegal financial entities across various websites and applications. Of these, 11,091 complaints were related to illegal online loans, while 621 pertained to illegal investments.
According to a written statement from the OJK last week, during the same period, 2,741 illegal financial entities were blocked or halted by the Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI). This included 2,500 illegal online loans and 241 illegal investments.
Although the data only covers up to August, the number of illegal financial entities addressed in 2024 has significantly increased compared to the previous year. In 2023 (January to December), the OJK blocked 2,288 illegal financial entities, comprising 2,248 illegal online loans and 40 illegal investments.
Additionally, the Satgas PASTI received information regarding 228 bank accounts or virtual accounts reported in connection with illegal financial activities.
The PASTI Task Force has requested that the Financial Services Authority (OJK) instruct the relevant banks to block the bank accounts or virtual accounts in question.
Additionally, the PASTI Task Force has identified the WhatsApp numbers of debt collectors associated with illegal online loans, who have reportedly engaged in threats, intimidation, and other actions that violate regulations.
"In response to this matter, the PASTI Task Force has submitted a request to the Ministry of Communication and Information Technology for the blocking of 995 contact numbers," stated the OJK's announcement.
