The Financial Services Authority of Indonesia (OJK) has revealed a staggering number of online fraud cases involving 208,333 bank accounts, 47,891 accounts of which have already been blocked, sending an alarm of growing complexity of financial crimes in the digital era.

Friderica Widyasari Dewi, OJK’s Chief Executive for Supervision of Financial Service Providers' Behavior, Education, and Consumer Protection, said that the authority − together with members of the Illegal Financial Activities Eradication Task Force (Satgas PASTI) and with the support of banking and payment industry associations − has established the Indonesia Anti-Scam Center (IASC) to tackle online financial fraud.

“IASC will continue to strengthen its capacity to accelerate fraud case resolution in the financial sector,” Friderica said on Sunday, May 25, 2025.

According to OJK data, the IASC has received 128,281 fraud reports as of May 23, 2025. Of these, 85,120 came through financial service providers and were forwarded into the IASC system, while the remaining 43,161 were reported directly by victims. Reported financial losses have reached a total of Rp2.6 trillion (US$160 million), with Rp163 billion successfully frozen to prevent further damages.

The five most common types of fraud reported are online shopping scams, impersonation fraud (fake calls), investment scams, job offer fraud and prize-winning scams.

Although digital fraud has become increasingly sophisticated, Friderica noted that there have been no formal reports yet involving the misuse of AI to access financial services.

She also emphasized the rising complexity of cybercrime in the banking sector, which now includes phishing, social engineering, skimming, carding, and SIM swap attacks − methods that allow hackers to hijack accounts by manipulating telecom services.

Fraudulent investment schemes and fake loans misusing the names of legitimate institutions have also been on the rise, along with illegal online “arisan” (community savings schemes) that often turn out to be pyramid or Ponzi scams.

“These online arisan scams often target vulnerable groups like housewives and youth by exploiting trust among participants,” Friderica cited.

Despite the multilayered security systems adopted by banks and compliance with data protection regulations, fraud can still occur if consumers are careless with their personal information. Friderica warned that the risks are amplified by the increasing sophistication of cybercriminals and the generally low levels of digital and financial literacy among the public.

She stressed that protecting consumers in the financial services sector is not solely the responsibility of financial institutions − it also requires adaptive regulation and cross-sector collaboration to combat the many forms of financial crime effectively.

To support this, OJK has enacted Regulation No. 22/2023 on Consumer and Public Protection in the Financial Services Sector, which promotes seven key consumer protection principles. The regulation emphasizes data privacy, transparency and dispute resolution, and gives OJK the authority to provide legal defense for harmed consumers.

On the education front, OJK continues to ramp up financial literacy efforts through social media, public campaigns, and partnerships with educational institutions and local communities. A major focus of these efforts is to raise public awareness about digital fraud risks, including illegal online arisan, so that Indonesians are better equipped to navigate the rapidly evolving digital financial landscape.