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February 5, 2025 | 09:24 pm
TEMPO.CO, Jakarta - The Financial Services Authority (OJK) received 2,688 reports of fraud cases from January 2024 to January 2025.
"The reports are related to external cloud issues in the financial sector. This occurred within a year," said Arwan Hasibuan, Deputy Director of Consumer Services and Examination of the Complaints of the Capital Market, Derivatives and Carbon Exchange at Lavva Plaza Senayan, Jakarta, on Wednesday, January 5, 2025.
Arwan stated that the most commonly used modus operandi for fraud is account takeover (ATO). ATO is a cybercrime committed by unauthorized access to a user's account. The perpetrators of this crime use stolen passwords and usernames to access the victim's account. Arwan mentioned this happens due to poor digital security systems of financial service providers.
Meanwhile, he affirmed that the government, in this case, OJK, has established numerous regulations and risk management regulations in regulation number 11 of 2022 concerning the use of information technology by financial services, for both banking and non-banking sectors.
Not only that, the regulation is also reinforced by the issuance of Law number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK), through which OJK requires financial service providers to have consumer data security and protection features.
"We have mandated that in conducting business, business actors and the financial sector must ensure information system security and cyber resilience for consumer protection," said Arwan.
Furthermore, Arwan invited financial sector technology innovation providers to innovate in a way that can enhance consumer data security. One of them is through authenticating technology transformation and account takeover (ATO).
In the future, Arwan hopes that account security keys will not only be in the form of numeric passwords such as One-Time Password (OTP) but can also extend to using biometric methods, a technology that uses unique physical or behavioral characteristics to identify and verify a person's identity.
"Modern authentication accounting technology such as biometrics and multifactor authentication are essential in creating sustainable and user-friendly digital security," he said.
Not only in terms of digital security technology, according to Arwan, the low level of digital literacy also contributes to the increasing cases of online fraud every year. Based on research by OJK on financial inclusion in 2023, the national digital literacy index of the public is only 65.43 percent. "This is a challenge for us in educating the public to avoid fraud," he said.
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