Indonesia financial sector faces digital scams and literacy gaps

Indonesia's financial sector is navigating diverse challenges involving consumer protection, digital security, and industry performance. The Financial Services Authority (OJK) is actively promoting financial literacy, notably through collaborations like the one with Toyota Astra Financial Services at GIIAS 2026, to help consumers avoid impulsive spending and manage credit wisely.

However, significant risks persist. The Indonesia Anti-Scam Centre (IASC) reported losses of Rp9.1 trillion due to digital scams as of January 2026, with approximately 1,000 reports filed daily. Additionally, NEXT Indonesia Center has warned digital banking customers that high interest rates often exceed the Deposit Insurance Corporation (LPS) guarantee limits, potentially leaving deposits unprotected during bank failures.

On the industry side, multifinance investment financing saw a 5.33% year-on-year contraction to Rp167.89 trillion by June 2026 due to selective capital spending. Conversely, total multifinance receivables grew 1.88% to Rp511.26 trillion. The sector is also seeing shifts in banking structures, with OJK encouraging the potential expansion of small banks into universal banking services, provided they meet regulatory readiness standards.