Today was blocked, the afternoon has appeared again …

JAKARTA, KOMPAS.com – The Investment Alert Task Force (SWI) reminds us that business practices fintech illegal continues to increase.

Chairman of SWI Tongam L Tobing said last year’s numbers fintech ilegal reached 442 entity, while in the first half of 2020 there were 694 entities.

According to him, as of July 2020, there were 163 illegal investment entities, 25 illegal entities and 694 illegal fintech entities.

He said the emergence of the illegal fintech phenomenon was due to rapidly developing technology, as well as the lack of public understanding, especially in the midst of the Covid-19 pandemic.

Also read: Reinvestment Alert Task Force Finds 105 Illegal Fintechs

To eradicate this illegal fintech practice is not easy. The reason is, the existence of illegal fintech which only relies on certain websites keeps it coming under a different name. Moreover, not a few of the people are interested in the results offered.

“Today we block it, in the afternoon it has appeared again with a different name. Besides that, most of the customers took part in making loans without finding out about the fintech, so that the phenomenon of digging holes and closing holes emerged, ”said Tongam recently.

Tongam added that not all perpetrators were prosecuted. Most victims often do not report because the losses are considered small.

“Even if it is processed legally, the costs between the case and the losses are not comparable,” he said. (Annisa Fadila)

This article has been published on Kontan.co.id with the title The number of illegal fintechs is still mushrooming

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