Indonesia’s Financial Institutions Get Boost Against Fraud with TrustDecision-PT Artajasa Partnership
A Strategic Alliance to Empower Small and Medium-Sized Banks in Indonesia
TrustDecision and PT Artajasa Pembayaran Elektronis have formed a strategic partnership to bolster the integrity and efficiency of Indonesia’s financial sector. This collaboration aims to equip small and medium-sized banks with advanced technological tools, addressing key challenges and providing sophisticated yet affordable fraud prevention solutions.
About PT Artajasa
Artajasa, a leading force in electronic transactions in Indonesia since 2000, has been revolutionizing payment services through its specialized payment network infrastructure services catering to various sectors including banking, e-commerce, fintech, and more.
TrustDecision’s Fraud Detection System (FDS)
TrustDecision has launched its advanced FDS, known for its comprehensive and efficient approach to fraud detection. The system provides real-time transaction and event monitoring, multi-channel fraud prevention, and comprehensive risk management. It leverages data from over 120 million devices, providing a massive network to track and identify common fraudsters through device fingerprinting and fraud ring mining.
Challenges Facing Indonesian Banks
Indonesian banks face numerous challenges, including:
- Technological limitations
- Lack of market-skilled resources
- Budget constraints
- Stringent regulatory compliance
- Rising tide of banking fraud
These challenges have led to a surge in fraudulent activities, with the number of fraud-related suspicious action reports increasing from 9,801 in 2019 to around 23,000 by 2021.
Regulatory Compliance
The Indonesian government has doubled down on regulatory compliance, mandating all banks to establish effective anti-fraud strategies by January 1, 2020. Banks are required to implement their anti-fraud strategy through four pillars:
- Prevention
- Detection
- Investigation
- Monitoring, evaluation, and follow-up
TrustDecision’s FDS as a Solution
TrustDecision’s FDS offers several key benefits, including:
- Speed and pricing: The system is offered as a Platform-as-a-Service (PaaS) or Software-as-a-Service (SaaS), integrating seamlessly with banks’ existing systems.
- Regulatory compliance: The FDS meets regulatory requirements, providing a safe and secure solution for Indonesian banks.
- Data security: The system ensures the highest level of data security, protecting sensitive information from unauthorized access.
Partnership Benefits
The partnership offers several key benefits, including:
- Speed and pricing
- Regulatory compliance
- Data security
Since its inception, the partnership has facilitated numerous banks with the deployment of the FDS, significantly mitigating fraud risks and enhancing their operational capacity.
Long-Term Vision
The long-term vision is to achieve widespread digital and financial inclusion across Indonesia – in line with TrustDecision’s financial inclusion ethos. The company aims to support the growth and resilience of the banking sector through continuous technological advancement and strategic collaboration.
Conclusion
The partnership between TrustDecision and PT Artajasa is not just a merger of two firms but a beacon of progress for the Indonesian financial sector, promising a safer, more efficient banking environment for all.