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This is the Strategy of Fintech Companies to Prevent Online Gambling Transactions Using E-Wallets

The phenomenon of online gambling is increasingly rampant in Indonesia with various modes used. One of them is the flow of funds for illegal practices using e-wallet digital wallet accounts.

The Indonesian Financial Technology Association (AFTECH) has a way to overcome this. AFTECH General Chair Pandu Sjahrir said that his party had carried out a series of procedures to carry out cooperation with users, including an assessment process in the form of Know Your Business (KYB).

“As a digital payment service provider, this business model carries out a series of procedures in carrying out cooperation with users, including an assessment process in the form of Know Your Business (KYB) according to the KYB standard operating procedures set to find out the identity and business activities of users, third parties, or other organizers who work with payment system organizers,” said Pandu in a written statement, Tuesday (2/7/2024).

He explained that KYB is a mandatory prerequisite in providing payment services, including through a face-to-face verification process or video call. The process is carried out by the organizer at the beginning of cooperation with users, third parties, or other organizers.

Then his party has also implemented Fraud Detection System (FDS) technology in digital wallets. This step is taken to detect accounts with suspicious financial transaction patterns, including online gambling.

“In accordance with the request of the Ministry of Communication and Information to Bank Indonesia, industry players actively continue to monitor and close digital wallet accounts that are suspected of online gambling,” he added.

He emphasized that his party is against all practices and activities related to online gambling, including involvement in the digital financial ecosystem. In addition, his party also continues to encourage its members to consistently improve education and literacy related to the use of appropriate fintech products and services.

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“In fact, digital innovation in the financial sector has a positive impact and welfare for the community. This is a joint effort to avoid misuse of loans from fintech lending products and services not to be used and utilized for online gambling transactions,” he added.

Previously, the Coordinator of the PPATK Public Relations Substance Group, M Natsir Kongah, found a new mode to perpetuate online gambling, namely buying and selling accounts and e-wallets. Natsir said that the majority of online gambling players open accounts not only in private banks, but also in state-owned banks, aka those owned by State-Owned Enterprises (BUMN).

“Yes, including e-wallets which are also widely used. But we always coordinate this report to submit reports of suspicious financial transactions and other criminal acts,” he said in the online discussion agenda ‘Mati Miser Karena Judi’, Saturday (15/6/2024).

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