OJK: IASC Receives 1,379 Reports of AI-Based Financial Fraud

The Financial Services Authority (OJK) has disclosed that the Indonesia Anti-Scam Centre (IASC) received 1,379 reports of financial fraud indicated to have utilised artificial intelligence (AI) from 22 November 2024 until the end of June 2026. Chief Executive of Supervision of Financial Service Business Conduct, Education, and Consumer Protection at OJK, Dicky Kartikoyono, stated that this data demonstrates the prevalence of AI-driven financial fraud. “This figure consists of 13 reports at the end of 2024 and continued to increase from 2024 to 2026, reaching 1,366 reports. This shows that the misuse of AI in financial fraud is becoming increasingly sophisticated, more real, and we all need to be vigilant,” Dicky said during a press conference in Jakarta on Tuesday. Dicky explained that AI does not stand alone but rather serves as a tool that makes fraudulent schemes more convincing, faster, and harder to detect. He revealed that the most frequently reported modus operandi was investment fraud, particularly those using deepfake technology by exploiting videos or photos of public figures. Other reported scams included fraudulent robot trading claims based on AI, online shopping scams through applications or platforms misusing AI technology, and fake calls using voice or facial cloning technology. According to him, all these methods essentially share the same goal: to build the victim’s trust, create a sense of urgency to compel immediate financial transactions or fund transfers, and offer various incentives that ultimately harm customers or the public.