Investment Vigilance Task Force Finds 86 Illegal P2P Lending Platforms

The Investment Vigilance Task Force has announced that as of April 2021 it has found 86 illegal peer-to-peer financial technology (fintech) lending platforms and 26 unlicensed business activities.

Activities carried out by those twenty six illegal investment entities include money game activities from eleven investment entities, unlicensed cryptocurrency investments from three investment entities, one entity operated as payment system operator, two entities operated as financing operators, and nine other illegal activities from different illegal investment entities.

Chairperson of the Investment Vigilance Task Force Tongam Lumban Tobing said that the task force consisting of thirteen ministries and agencies will continue to conduct regular cyber patrols for detection of illegal fintech lending and investment platforms, adding that the frequency of cyber patrol will also be increased in line with many findings of those platforms all over various channels of communication technology in the community.

Tongam also called on public to stay vigilant against the offers given by illegal fintech lending and investment platforms that take advantage of the Eid Day momentum when the public needs more money.

He added that the task force continues to remind the public to understand legality, permission, and license of the companies and notice the reasonable profit value offered by the companies before lending or investing.

“Moreover, ahead of Eid Day, some people will get annual bonuses and we hope they will not allocate the money on illegal investment and lending offers,” said Chairperson of the Task Force.

Furthermore, Tongam stressed that the Force has nothing to do with the license management or the legality of their business activities.

Therefore, he added, the public must be aware to not participate in platforms that claim legal lending and investment activities under the task force.

Before utilizing lending fintech and investment platforms, he said the public needs to directly contact the official contact center of the Financial Services Authority (OJK) 157 or official WhatsApp number on 081157157157.

In addition, through those numbers and official email konsumen@ojk.go.id or waspadainvestasi@ojk.go.id, the public can also report illegal fintech lending and investment platforms.

Tongam also said that the task force has temporary stopped crowdfunding activity Mutual Safeguard Program (Program Saling Jaga) from crowdfunding platform kitabisa.com because it is suspected to be an insurance activity as referred to Law No. 44 of 2014 on Insurance.

Further information about companies that do not have permission from authorized authority can be accessed through the Investor Vigilance Portal on www.sikapiuangmu.ojk.go.id. (PR of Financial Services Authority) (AP/EP)