Online loans

Police chief reveals modus operandi of fraudulent online loans

Jakarta (ANTARA) – National Police Chief Gen. Listyo Sigit Prabowo revealed several methods of operation or modus operandi used by perpetrators of financial cybercrime when signing a joint statement on efforts to eradicate fraudulent online loans in Jakarta on Friday,

Prabowo said the modus operandi of fraudulent online loans is to provide offers with simple requirements to potential customers without any face-to-face interaction.

“Illegal online lenders ask customers to follow the policies or terms of the online loan application, where the customer’s phone number data can be opened by the lender,” he explained.

Another modus operandi includes online loan collection in violation of Financial Services Authority (OJK) regulation number 77 POKJ 01/2016 regarding the implementation of lending and borrowing services based on lending technologies. information, he added.

Prabowo said the policy allowing lenders to access customer contact lists allows offenders to demand payment from customer contacts in the event that customers are late in their payments.

“The contact and location of the organizer of this fraudulent online loan application is unclear,” he said.

The chief of police said the most damaging fraud case is when a loan has been paid by the customer, but is not deleted in the app on the grounds that it is not read by the system.

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He said that recently online loans have been in demand by the public because they provide easy access to funds and are not time consuming.

Online loans help people who cannot be served by the formal financial sector with several features that benefit clients, he noted.

“People who want to apply for a loan can simply download an application or go to a loan service provider’s website, fill in data and upload the required documents within a relatively short timeframe,” Prabowo said.

However, the public should be wary of the convenience offered and check whether applying for a loan online is legal or illegal, he added.

According to data released by the Financial Services Authority (OJK), as of July 2021, there were 121 peer-to-peer or online lending companies registered and licensed with the OJK, the police chief informed.

He was then reminded of all the risks involved in taking loans online.

“Online loans are in demand because they offer convenient services. On the other hand, there are several potential risks of crime, such as cybercrime, misinformation, transaction errors and misuse of personal data,” warned the police chief.

Indonesian non-financial banking regulations are not as strict as current banking regulations, Prabowo noted. This is why criminals often misuse data from online loan service providers, especially those who do not have official clearance from the OJK, he said.

Between 2018 and 2021, the national police investigated 14 cases of fraudulent online loans, he revealed.

On Friday, five ministries and – the National Police, the OJK, the Bank of Indonesia, the Ministry of Communication and Information Technology and the Ministry of Cooperatives and MSMEs – signed a joint declaration to eradicate fraudulent online loans.

The purpose of the joint statement is to crack down on fraudulent online lending, provide a sense of security, enhance public confidence in banking, enhance knowledge about official digital finance, deal with public complaints and the police, he informed.

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