The frequency of crimes in financial transactions (Financial Fraud) in Indonesia continues to increase, according to GBG's Fraud Typologies Whitepaper more than 56% of businesses in Indonesia have been victimized by various forms of Digital Fraud. This increase in Fraud activity in financial transactions is in the form of identity theft, Synthetic Fraud, to increasingly sophisticated social engineering attacks.
In 2023, the Financial Services Authority (OJK) recorded a 25% increase in identity theft cases, causing losses of more than IDR 500 billion. More worryingly, criminals are utilizing the latest technologies, such as AI and deepfakes to breach security systems and exploit digital weaknesses.
Synthetic Identity Fraud is the most frequent case today, where criminals combine real and fake data to create new identities that cause great harm to business credibility and data security.
To combat this threat, it is important to identify some key measures that businesses in Indonesia can use, including:
1. Enhance the identity verification system with AI and machine learning to detect subtle patterns of user behavior.
2. Educated the team on social engineering threats such as phishing and smishing, which affected 67% of businesses the previous year.
3. Implemented continuous Fraud monitoring to catch suspicious activity early, before further escalation.
Source : finance.detik.com
<< Back
