Indonesia’s Financial Services Authority (OJK) has disclosed that the nation’s financial sector has incurred losses estimated at Rp 7 trillion (US$422 million) from digital fraud since late 2024.
This figure was compiled following the launch of the Indonesia Anti-Scam Center (IASC) on Nov. 22, 2024, according to Friderica Widyasari Dewi, chief executive for financial consumer protection at OJK.
“In less than a year since the IASC began operations, hundreds of thousands of fraud reports have been filed, with total losses reaching Rp 7 trillion – an enormous figure,” Dewi stated at a recent event in Banyumas, Central Java, as reported by Jakarta Globe.
OJK’s data reveals that online shopping fraud is the most frequently reported scam, accounting for 53,928 cases and resulting in losses of Rp 988 billion. The average financial impact per victim in these cases is Rp 18.3 million.
Impersonation scams via fake calls have led to 31,299 incidents, with losses totalling Rp 1.31 trillion and an average loss of Rp 42 million per case.
Fraudulent investment schemes, meanwhile, have been reported 19,850 times, with losses amounting to Rp 1.09 trillion and an average of Rp 52 million per victim.
Other notable scam categories include fraudulent job offers, prize and lottery schemes, social media scams, phishing, social engineering, online lending fraud, and scams involving malicious WhatsApp APK files.
The highest number of scam reports have come from West Java, followed by Jakarta, East Java, Central Java, and Banten.
The IASC has responded by blocking 94,344 bank accounts suspected of involvement in scam activities and is currently reviewing an additional 487,378 accounts.
Since its inception, the centre has received 299,237 reports and has frozen funds totalling Rp 376.8 billion linked to fraudulent activity.
OJK is urging the public to report suspected scams to the IASC within 10 minutes of discovery, aligning with international best practices to improve the likelihood of fund recovery.
Dewi highlighted that the timing of scam reports is a critical factor in the recovery of stolen funds.
“Abroad, reports are typically made within 10 minutes. Here, the average is 12 hours. That delay significantly impacts whether the funds can be traced,” she said, as reported by Antara.
Dewi noted that delays allow perpetrators to move funds through multiple financial channels, making recovery efforts more complex.
The agency’s data also indicates that women are disproportionately affected by online shopping scams.
Dewi advised consumers to be wary of financial behaviours influenced by trends such as YOLO (You Only Live Once), FOMO (Fear Of Missing Out), and FOPO (Fear of Other People’s Opinions), and emphasised the need for financial literacy.
OJK continues to work with banks, payment service providers, and law enforcement to enhance anti-fraud measures and expand public education efforts.
The authority offers a 24/7 hotline (157) and an online reporting portal (iasc.ojk.go.id) for scam victims.
