Financial Crime News Updates in Indonesia: “Behind The Scam” Series Educates Customers

Indonesia’s financial services sector is facing a significant threat from cyber-attacks and fraud, with estimated annual losses reaching USD100 billion globally. To combat this issue, Bank DBS Indonesia has launched an Instagram series called “Behind The Scam”, aimed at educating customers on various forms of financial crime.

The Series

The “Behind The Scam” series tells the story of unique figures who uncover complex fraud techniques used by hackers to trick victims into giving away sensitive information or bank details. Each episode presents the scams in a simple and easy-to-understand manner, with the goal of raising public awareness about the risks involved.

Data from Financial Services Authority (OJK)

According to data from OJK, 45 percent of Proactive Suspicious Financial Transaction Reports (LTKM) filed during February 2021-March 2024 were related to fraud cases, while 5 percent were linked to banking transactions. The reports were based on red flags detected during transaction monitoring and analysis.

Bank DBS Indonesia’s Efforts

Banks play a crucial role in fighting financial crime, and Bank DBS Indonesia is committed to maintaining customer trust by implementing various technologies to ensure a safe digital banking environment. The bank’s President Director, Lim Chu Chong, emphasized the importance of educating customers about financial crime, saying that “as a purpose-driven bank, we are committed to keeping our customers’ transactions secure.”

Additional Measures

The “Behind The Scam” series is part of Bank DBS Indonesia’s efforts to educate customers on various forms of financial crime. The bank has also implemented:

Know Your Customer (KYC) procedures
Relationship management strategies to prevent fraud

Getting Involved

For more information about the “Behind The Scam” series, visit Bank DBS Indonesia’s Instagram account at @dbsbankid.

In related news, the National Movement for Anti-Money Laundering and Counter-Terrorism Financing, organized by Bank Indonesia, has been running for 22 years to tackle financial crime in the banking sector.