The Financial Services Authority (OJK) is taking decisive action to curb the rising rate of digital fraud in the financial sector. Through the implementation of OJK Regulation (POJK) Number 12 of 2024 on Anti-Fraud Strategy, the regulator is preparing to launch the Financial Sector Perpetrator Information System (Sipelaku). This system is specifically designed to detect fraudulent activities early and restrict the movement of perpetrators so they cannot move between financial institutions once detected.
OJK Executive Head of Banking Supervision, Dian Ediana Rae, emphasized the importance of strengthening governance and utilizing technology as key pillars to maintain public trust. The Sipelaku system will record the digital footprint of banking criminals, including employment history and details of fraud committed. Under this new regulation, banking boards of directors and commissioners are now required to guarantee the reliability and effectiveness of anti-fraud systems in their respective institutions.
This proactive step was taken in response to increasingly sophisticated digital fraud methods, such as phishing, spoofed phone calls claiming to be from bank staff, and the exploitation of customer transaction data. In addition to relying on Sipelaku, OJK encourages national banks to strengthen three lines of defense, which include operational units, risk management and compliance functions, and periodic internal audits.
This new policy is projected to have a comprehensive impact on the banking ecosystem in Indonesia, ranging from state-owned banks (BUMN), private banks, to Rural Banks (BPR). Although system integration with Sipelaku and cybersecurity enhancements will trigger an increase in compliance costs that could pressure short-term profit margins, this step is believed to significantly minimize operational losses due to fraud in the long run. On the other hand, the increase in security standards will also drive demand growth for cybersecurity technology providers and IT consultants.
