The Investment Alert Task Force has found 133 illegal peer-to-peer lending financial technology (fintech) and 14 illegal businesses in investment that can be potentially detrimental to the public. During the period from 2018 to January 2021, the task force had closed 3,056 illegal fintech lending companies.
The task force has shared the information with the Indonesian Police’s Criminal Investigation Unit (Bareskrim) for further legal action and the Communication and Informatics Ministry to block the websites of the illegal entities.
The task force has raised awareness on illegal fintech and investment through mass media and social media. Meanwhile, the ministry of communication and information had mapped out illegal platforms on Google Play, a digital distribution service operated and developed by Google, as well as YouTube, California-based American video-sharing platform.
During the period from August 2018 to December 2018, the ministry had taken down 738 unregistered and illicit financial technology platforms comprising 211 websites and 527 applications. In 2019, the figure rose sharply to reach 3,282
The public can seek information on fintech lending through the Financial Service Authority (OJK) hotline service 157 or Whatsapp service 081157157157.