Main Article Content
Abstract
This study aims to determine the strategy of the Financial Services Authority (OJK) to prevent people from being trapped in fintech lending fraud. This qualitative research used case study method by employing semi-structured in-depth interview as the technique to collect data from five respondents. The research data were processed with the help of Computer Assisted Qualitative Data Analysis Software (CAQDAS), namely the NVivo 11 software application. The results show that there are three main strategies used by OJK Special Region of Yogyakarta, Indonesia to prevent the public from being scammed by fintech lending: First, massive implementation of financial literacy education in a comprehensive manner to improve public financial literacy; second, use of the Consumer Protection Portal Application (APPK) as a digital complaint service for the public and consumers to report the Financial Services Business Actors (PUJK) who are suspected of committing fintech lending fraud; third, maximizing the role of Regional Investment Alert Task Force (SWID) in publishing a list of legal and illegal financial services, including fintech lending.
Keywords
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References
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- Ajayi, E.F. (2016a). Challenges to enforcement of cyber-crimes laws and policy. Journal of Internet and Information Systems, 6(1), 1-12. https://doi.org/10.5897/JIIS2015.0089.
- ________ (2016b). The impact of cybercrimes on global trade and commerce. Journal of Information Security and Cybercrime, 5(2): 2285-9225. https://doi.org/10.19107/IJISC.2016.02.04.
- Anikina, I.D., Gukova, A.V., Golodova, A.A., & Chekalkina, A.A. (2016). Methodological Aspects of Prioritization of Financial Tools for Stimulation of Innovative Activities. European Research Studies Journal, 19(2), 100-112.
- Arz, U., & Bholat, D. (2016). Peer-to-Peer lending and financial innovation in the United Kingdom. World Bank Working Paper, 598, 1-26.
- Bandur, A. (2016). Penelitian Kualitatif: Metodologi, Desain, dan Teknik Analisis Data dengan NVivo 11 Plus (Edisi Pertama). Jakarta: Mitra Wacana Media.
- Bank Indonesia. (2017). Peraturan Anggota Dewan Gubernur Nomor 19/14/PADG/2017 Tentang Ruang Uji Coba Terbatas (Regulatory Sandbox) Teknologi Finansial. Retrieved April 6, 2022, from Bank Indonesia : https://www.bi.go.id/elicensing/helps/PADG%20REGSAND.pdf
- Chrismastianto, I. A. (2017). Analisis SWOT Implementasi Teknologi Finansial Terhadap Kualitas Layanan Perbankan di Indonesia. Jurnal Ekonomi dan Bisnis, 20 (1).
- Chuen, D. (2018). FinTech and Alternative Investment. The Journal of Alternative Investments, 6-15.
- Cohen, L.E., & Felson, M. (1979). Social change and crime rate trends: A routine activity approach. American Sociological Review, 44, 588-608.
- Creswell, J.W., & Creswell, J.D. (2018). Research design: Qualitative, quantitative and mixed methods approaches. Sage Publications.
- Creswell, J.W. (2015). Penelitian Kualitatif & Desain Riset: Memilih di antara Lima Pendekatan. Edisi ke-3. Yogyakarta: Pustaka Pelajar.
- Darma, D.C., Kadafi, M.A., & Lestari, D. (2020). FinTech and MSMEs Continuity: Applied in Indonesia. International Journal of Advanced Science and Technology, 29(4), 4676-4685.
- Darman. (2019). Financial Technology (FinTech): Karakteristik dan Kualitas Pinjaman pada Peer to Peer Lending di Indonesia. Jurnal Manajemen Teknologi, 18(2), 130-137.
- Eck, J. (2003). Police problems: The complexity of problem theory, research and evaluation . In: J. Knutsson (ed.) Problem-Oriented Policing: From Innovation to Mainstream. Crime Prevention Studies, 15, 79-113.
- Evans, C. (2018). Analyzing semi-structured interviews using thematic analysis: Exploring voluntary civic participation among adults. SAGE Publications, Ltd.
- Ferri, H.B., & Hartina, H. (2018). Analisis SWOT Financial Technology Pada Dunia Perbankan di Kota Ambon. Jurnal Manis, 2.
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- Giudici, P. (2018). Financial data science. Statistics & Probability Letters, 136, 160–164. https://doi.org/10.1016/j.spl.2018.02.024.
- Hamdani, R., & Albar, A. R. (2016). Internal controls in fraud prevention effort: A case study. Jurnal Akuntansi dan Auditing Indonesia, 20(2), 127-135. https://doi.org/10.20885/jaai.vol20.iss2.art5
- Hendriyani, C., & Raharja, S.J. (2019). Business Agility Strategy: Peer-to-Peer Lending of Fintech Startup in the Era of Digital Finance in Indonesia. Review of Integrative Business and Economics Research, 8(4), 239-246.
- Hufnagel, S. & Enterprise, G. (2019). Criminal Networks and Law Enforcement. London: Routledge.
- Hung, J.L., & Luo, B. (2016). FinTech in Taiwan: A case study of a Bank’s strategic planning for an investment in a FinTech company. Financial Innovation, 2(1), 15. https://doi.org/10.1186/s40854-016-0037-6.
- Informant, A. (2022, January 24). Face-to-face Interview with Yogyakarta Financial Services Authority (OJK) Informants. (B. Una, Interviewer)
- Informant, B. (2022a, January 24). Face-to-face Interview with Yogyakarta Financial Services Authority (OJK) Informants. (B. Una, Interviewer)
- ___________ (2022b, April 09). Face-to-face Interview with Yogyakarta Financial Services Authority (OJK) Informants. (B. Una, Interviewer)
- Informant, C. (2022a, January 24). Face-to-face Interview with Yogyakarta Financial Services Authority (OJK) Informants. (B. Una, Interviewer)
- ___________ (2022b, April 09). Face-to-face Interview with Yogyakarta Financial Services Authority (OJK) Informants. (B. Una, Interviewer)
- Informant, D. (2022, April 25). Face-to-face Interview with Yogyakarta Regional Police Informants. (B. Una, Interviewer)
- Informant, E. (2022, April 28). Face-to-face Interview with Yogyakarta Regional Police Informants. (B. Una, Interviewer)
- Koffi, H.W. (2016). The fintech revolution: Open Journal of Applied Sciences, 6, 771-782.
- Lee, I. & Shin, Y.J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35-46. https://doi.org/10.1016/j.bushor.2017.09.003.
- Magee, J. (2011). Peer-to-peer lending in the United States: Surviving after Dodd-Frank. North Carolina Banking Institute Journal, 139-174.
- Moid, S. (2018). Fighting Cyber Crimes Using Forensic Accounting: A Tool to Enhance Operational Efficiency. International Journal of Money, Banking and Finance, 7(3), 92-99.
- Morrisan. (2019). Riset Kualitatif. Jakarta: Pranada Media.
- Mui, G., & Mailley, J. (2015). A Tale of Two Triangles: Comparing the Fraud Triangle with Criminology's Crime Triangle. Accounting Research Journal, 28(1), 45–58. https://doi.org/10.1108/ARJ-10-2014-0092.
- Nasrullah, R. (2014). Teori dan Riset Media Siber (Cybermedia). Jakarta: Prenadamedia.
- Otoritas Jasa Keuangan. (2017). Surat Edaran Otoritas Jasa Keuangan Nomor 18/SEOJK.02/2017. Retrieved April 10, 2022, from Otoritas Jasa Keuangan: https://www.ojk.go.id/id/regulasi/otoritas-jasa-keuangan/surat-edaran-ojk-dan-dewan-komisioner/Documents/Pages/SEOJK-Tata-Kelola-dan-Manajemen-Risiko-Teknologi-Informasi-pada-Layanan-Pinjam-Meminjam-Uang-Berbasis-Teknologi-Informasi/SAL%20SEOJK%2018%20FIN
- Otoritas Jasa Keuangan. (2019, Oktober 18). FAQ: Katagori Umum. Retrieved April 11, 2022, from Otoritas Jasa Keuangan (OJK): https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/direktori/fintech/Pages/FAQ-Kategori-Umum.aspx
- Otoritas Jasa Keuangan. (2020). Booklet Perbankan Indonesia 2020. In e. Retno Setiasih. Jakarta: Otoritas Jasa Keuangan Departemen Perizinan dan Informasi Perbankan.
- Otoritas Jasa Keuangan. (2022a, Mei 17). Penyelenggara Fintech Lending Berizin di OJK per 22 April 2022. Retrieved May 22, 2022, from Otoritas Jasa Keuangan (OJK): https://www.ojk.go.id/id/kanal/iknb/financial-technology/Pages/Penyelenggara-Fintech-Lending-Berizin-di-OJK-per-22-April-2022.aspx
- Otoritas Jasa Keuangan. (2022b, April 13). Satgas Waspada Investasi Kembali Temukan 20 Entitas Investasi Ilegal dan 105 Pinjaman Online Tanpa Izin. Retrieved June 23, 2022, from Otoritas Jasa Keuangan: https://www.ojk.go.id/id/berita-dan-kegiatan/info-terkini/Pages/Satgas-Waspada-Investasi-Kembali-Temukan-20-Entitas-Investasi-Ilegal-Dan-105-Pinjaman-Online-Tanpa-Izin.aspx
- Pokorna, M., & Sponer, M. (2016). Social lending and its risks. Procedia-Social and Behavioral Sciences, 220, 330-337.
- Rahmayani, N. (2018). Tinjauan Hukum Perlindungan Konsumen Terkait Pengawasan Perusahaan Berbasis Financial Technology di Indonesia. Pagaruyuang Law Journal, 2 (1).
- Saksonova, S. & Merlino, I.K. (2017). Fintech as Financial Innovation - The Possibilities and Problems of Implementation. European Research Studies Journal, 20(3a), 961-973.
- Schaefera, L. & Mazerolleb, L. (2015). Putting process into routine activity theory: Variations in the control of crime opportunities. Security Journal, 30(1), 266-289. https://doi.org/10.1057/sj.2015.39.
- Sekaran, U. & Bougie, R. (2016). Research Methods for Business: A skill-Building Approach (7th.ed). Chichester, United Kingdom.
- Sree, V. (2016, May 27). 7 Things to Know About Peer to Peer Lending. Retrieved March 15, 2022, from Marcet Calls: Simply Intelligent Technical Analysis: https://www.marketcalls.in/personal-finance/7-things-know-peer-peer-lending.html
- Tillyer, M. & Eck, J. (2010). Getting a handle on crime: A further extension of routine activities theory. Security Journal, 24, 179-193. https://doi.org/10.1057/sj.2010.2.
- Vlasov, V. (2017). The evolution of e-money. European Research Studies Journal, 20(1), 215-224.
- Yin, R. K. (2018). Case Study Research and Applications. Design and Methods. (Sixth Edition). California: Sage Publication, Inc.
References
AFTECH. (2021). Handbook: Fintech Untuk Keuangan Pribadi. Retrieved March 10, 2022, from Asosiasi Fintech Indonesia: https://fintech.id/dokumen/handbook-fintech-untuk-umkm-2021
Aida, C.N., Mawesti, D., Silvia, D., Ningrum, D.R., Armintasari, F., Priambodo, R., dan Sularsi, A. (2019). Keterlilitan Utang Rumah Tangga (Studi Terhadap Profil dan Resiko Konsumen Kartu Kredit dan Pinjaman Online. Retrieved March 21, 2022, from Responsibank: https://repository.theprakarsa.org/media/313815-dampak-sosial-ekonomi-jerat-utang-rumah-92410ecb.pdf
Ajayi, E.F. (2016a). Challenges to enforcement of cyber-crimes laws and policy. Journal of Internet and Information Systems, 6(1), 1-12. https://doi.org/10.5897/JIIS2015.0089.
________ (2016b). The impact of cybercrimes on global trade and commerce. Journal of Information Security and Cybercrime, 5(2): 2285-9225. https://doi.org/10.19107/IJISC.2016.02.04.
Anikina, I.D., Gukova, A.V., Golodova, A.A., & Chekalkina, A.A. (2016). Methodological Aspects of Prioritization of Financial Tools for Stimulation of Innovative Activities. European Research Studies Journal, 19(2), 100-112.
Arz, U., & Bholat, D. (2016). Peer-to-Peer lending and financial innovation in the United Kingdom. World Bank Working Paper, 598, 1-26.
Bandur, A. (2016). Penelitian Kualitatif: Metodologi, Desain, dan Teknik Analisis Data dengan NVivo 11 Plus (Edisi Pertama). Jakarta: Mitra Wacana Media.
Bank Indonesia. (2017). Peraturan Anggota Dewan Gubernur Nomor 19/14/PADG/2017 Tentang Ruang Uji Coba Terbatas (Regulatory Sandbox) Teknologi Finansial. Retrieved April 6, 2022, from Bank Indonesia : https://www.bi.go.id/elicensing/helps/PADG%20REGSAND.pdf
Chrismastianto, I. A. (2017). Analisis SWOT Implementasi Teknologi Finansial Terhadap Kualitas Layanan Perbankan di Indonesia. Jurnal Ekonomi dan Bisnis, 20 (1).
Chuen, D. (2018). FinTech and Alternative Investment. The Journal of Alternative Investments, 6-15.
Cohen, L.E., & Felson, M. (1979). Social change and crime rate trends: A routine activity approach. American Sociological Review, 44, 588-608.
Creswell, J.W., & Creswell, J.D. (2018). Research design: Qualitative, quantitative and mixed methods approaches. Sage Publications.
Creswell, J.W. (2015). Penelitian Kualitatif & Desain Riset: Memilih di antara Lima Pendekatan. Edisi ke-3. Yogyakarta: Pustaka Pelajar.
Darma, D.C., Kadafi, M.A., & Lestari, D. (2020). FinTech and MSMEs Continuity: Applied in Indonesia. International Journal of Advanced Science and Technology, 29(4), 4676-4685.
Darman. (2019). Financial Technology (FinTech): Karakteristik dan Kualitas Pinjaman pada Peer to Peer Lending di Indonesia. Jurnal Manajemen Teknologi, 18(2), 130-137.
Eck, J. (2003). Police problems: The complexity of problem theory, research and evaluation . In: J. Knutsson (ed.) Problem-Oriented Policing: From Innovation to Mainstream. Crime Prevention Studies, 15, 79-113.
Evans, C. (2018). Analyzing semi-structured interviews using thematic analysis: Exploring voluntary civic participation among adults. SAGE Publications, Ltd.
Ferri, H.B., & Hartina, H. (2018). Analisis SWOT Financial Technology Pada Dunia Perbankan di Kota Ambon. Jurnal Manis, 2.
Financial Stability Board. (2017, Juni 27). Financial Stability Implications from FinTech: Supervisory and Regulatory Issues that Merit Authorities Attention. Retrieved March 13, 2022, from Financial Stability Board: https://www.fsb.org/wp-content/uploads/R270617.pdf
Giudici, P. (2018). Financial data science. Statistics & Probability Letters, 136, 160–164. https://doi.org/10.1016/j.spl.2018.02.024.
Hamdani, R., & Albar, A. R. (2016). Internal controls in fraud prevention effort: A case study. Jurnal Akuntansi dan Auditing Indonesia, 20(2), 127-135. https://doi.org/10.20885/jaai.vol20.iss2.art5
Hendriyani, C., & Raharja, S.J. (2019). Business Agility Strategy: Peer-to-Peer Lending of Fintech Startup in the Era of Digital Finance in Indonesia. Review of Integrative Business and Economics Research, 8(4), 239-246.
Hufnagel, S. & Enterprise, G. (2019). Criminal Networks and Law Enforcement. London: Routledge.
Hung, J.L., & Luo, B. (2016). FinTech in Taiwan: A case study of a Bank’s strategic planning for an investment in a FinTech company. Financial Innovation, 2(1), 15. https://doi.org/10.1186/s40854-016-0037-6.
Informant, A. (2022, January 24). Face-to-face Interview with Yogyakarta Financial Services Authority (OJK) Informants. (B. Una, Interviewer)
Informant, B. (2022a, January 24). Face-to-face Interview with Yogyakarta Financial Services Authority (OJK) Informants. (B. Una, Interviewer)
___________ (2022b, April 09). Face-to-face Interview with Yogyakarta Financial Services Authority (OJK) Informants. (B. Una, Interviewer)
Informant, C. (2022a, January 24). Face-to-face Interview with Yogyakarta Financial Services Authority (OJK) Informants. (B. Una, Interviewer)
___________ (2022b, April 09). Face-to-face Interview with Yogyakarta Financial Services Authority (OJK) Informants. (B. Una, Interviewer)
Informant, D. (2022, April 25). Face-to-face Interview with Yogyakarta Regional Police Informants. (B. Una, Interviewer)
Informant, E. (2022, April 28). Face-to-face Interview with Yogyakarta Regional Police Informants. (B. Una, Interviewer)
Koffi, H.W. (2016). The fintech revolution: Open Journal of Applied Sciences, 6, 771-782.
Lee, I. & Shin, Y.J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35-46. https://doi.org/10.1016/j.bushor.2017.09.003.
Magee, J. (2011). Peer-to-peer lending in the United States: Surviving after Dodd-Frank. North Carolina Banking Institute Journal, 139-174.
Moid, S. (2018). Fighting Cyber Crimes Using Forensic Accounting: A Tool to Enhance Operational Efficiency. International Journal of Money, Banking and Finance, 7(3), 92-99.
Morrisan. (2019). Riset Kualitatif. Jakarta: Pranada Media.
Mui, G., & Mailley, J. (2015). A Tale of Two Triangles: Comparing the Fraud Triangle with Criminology's Crime Triangle. Accounting Research Journal, 28(1), 45–58. https://doi.org/10.1108/ARJ-10-2014-0092.
Nasrullah, R. (2014). Teori dan Riset Media Siber (Cybermedia). Jakarta: Prenadamedia.
Otoritas Jasa Keuangan. (2017). Surat Edaran Otoritas Jasa Keuangan Nomor 18/SEOJK.02/2017. Retrieved April 10, 2022, from Otoritas Jasa Keuangan: https://www.ojk.go.id/id/regulasi/otoritas-jasa-keuangan/surat-edaran-ojk-dan-dewan-komisioner/Documents/Pages/SEOJK-Tata-Kelola-dan-Manajemen-Risiko-Teknologi-Informasi-pada-Layanan-Pinjam-Meminjam-Uang-Berbasis-Teknologi-Informasi/SAL%20SEOJK%2018%20FIN
Otoritas Jasa Keuangan. (2019, Oktober 18). FAQ: Katagori Umum. Retrieved April 11, 2022, from Otoritas Jasa Keuangan (OJK): https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/direktori/fintech/Pages/FAQ-Kategori-Umum.aspx
Otoritas Jasa Keuangan. (2020). Booklet Perbankan Indonesia 2020. In e. Retno Setiasih. Jakarta: Otoritas Jasa Keuangan Departemen Perizinan dan Informasi Perbankan.
Otoritas Jasa Keuangan. (2022a, Mei 17). Penyelenggara Fintech Lending Berizin di OJK per 22 April 2022. Retrieved May 22, 2022, from Otoritas Jasa Keuangan (OJK): https://www.ojk.go.id/id/kanal/iknb/financial-technology/Pages/Penyelenggara-Fintech-Lending-Berizin-di-OJK-per-22-April-2022.aspx
Otoritas Jasa Keuangan. (2022b, April 13). Satgas Waspada Investasi Kembali Temukan 20 Entitas Investasi Ilegal dan 105 Pinjaman Online Tanpa Izin. Retrieved June 23, 2022, from Otoritas Jasa Keuangan: https://www.ojk.go.id/id/berita-dan-kegiatan/info-terkini/Pages/Satgas-Waspada-Investasi-Kembali-Temukan-20-Entitas-Investasi-Ilegal-Dan-105-Pinjaman-Online-Tanpa-Izin.aspx
Pokorna, M., & Sponer, M. (2016). Social lending and its risks. Procedia-Social and Behavioral Sciences, 220, 330-337.
Rahmayani, N. (2018). Tinjauan Hukum Perlindungan Konsumen Terkait Pengawasan Perusahaan Berbasis Financial Technology di Indonesia. Pagaruyuang Law Journal, 2 (1).
Saksonova, S. & Merlino, I.K. (2017). Fintech as Financial Innovation - The Possibilities and Problems of Implementation. European Research Studies Journal, 20(3a), 961-973.
Schaefera, L. & Mazerolleb, L. (2015). Putting process into routine activity theory: Variations in the control of crime opportunities. Security Journal, 30(1), 266-289. https://doi.org/10.1057/sj.2015.39.
Sekaran, U. & Bougie, R. (2016). Research Methods for Business: A skill-Building Approach (7th.ed). Chichester, United Kingdom.
Sree, V. (2016, May 27). 7 Things to Know About Peer to Peer Lending. Retrieved March 15, 2022, from Marcet Calls: Simply Intelligent Technical Analysis: https://www.marketcalls.in/personal-finance/7-things-know-peer-peer-lending.html
Tillyer, M. & Eck, J. (2010). Getting a handle on crime: A further extension of routine activities theory. Security Journal, 24, 179-193. https://doi.org/10.1057/sj.2010.2.
Vlasov, V. (2017). The evolution of e-money. European Research Studies Journal, 20(1), 215-224.
Yin, R. K. (2018). Case Study Research and Applications. Design and Methods. (Sixth Edition). California: Sage Publication, Inc.