Consumer Social Intelligence Safety and Security Report 2024

Executive Summary

Indonesia (EN)    |   01 Oct 2023 - 31 Mar 2024

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EMERGING TRENDS in 2024

Reports from 2023 were analysed vis-à-vis the insights in the current report and new emerging themes that stood out have been summarized below:

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Increase in discussions on unexpected funds scam

There are increased discussions about fraudulent loan apps where victims receive unexpected funds in their accounts, followed by demands for repayment and ongoing harassment from online loan companies.

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Unveiling of new regional fraud hotspots causes increased awareness​

The new report highlights regional fraud hotspots like Medan, Aceh, Lampung, Jakarta, and Central Java; indicating a heightened awareness of localized fraud operations. This trend underscores the need for targeted interventions and cross-regional collaborations to combat fraud effectively.

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Growing interest in virtual debit card security amidst fraud concerns​

Discussions on virtual debit cards' security features have increased, with banks emphasizing benefits like theft immunity and protection against compromised card details. This trend highlights growing consumer interest in secure payment alternatives amidst rising fraud concerns.

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Rise in card skimming awareness through police campaigns 

The Indonesian police issued warnings about card skimming, advising against sharing bank credentials, storing them online or photographing cards. They also recommended monitoring bank and billing statements for unusual activity and managing card settings via bank apps.

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Executive Summary

This analysis utilises social media data to provide consumer insights on safety and security concerns regarding financial payments, along with key trends, needs and pain points.

49.3kmentions

about cards and non-card services related to digital payment safety and security.

46%increase

in bank card discussions, triggered by a viral X account on TikTok warning about credit card scams and a victim defrauded of 20M Rupiah seeking help.

=similar

The number of non-card services conversations remains relatively similar compared to the prior 6 months.

115%increase

in debit card conversations due to discussions on contactless fraud risks, prevention tips and prepaid card usage for online safety.

Bank Cards Updates

Insurance charge card and credit card scams came up as new scams last year.

Unauthorized Insurance Charge Scam: Consumers faced unauthorized insurance charges on their credit cards after divulging card details during a phone call from scammers, leading to unexpected financial burdens and potential identity theft risks.

Transaction Alert Scam: Scammers deceived users by alerting them to fraudulent transactions on their credit cards. They pretended to help block fictional transactions but instead stole personal details, significantly increasing fraud conversations.

Non-Cards Services Updates

New scams related to sales scam and unexpected funds scam lead to long debates.

Property and Car Purchase Scam: In car or property sales, scammers pretend to be fake sales agents and redirect down payments to their accounts, diverting funds from legitimate transactions.

Unexpected Funds Scam: Victims receive unexpected funds followed by demands for repayment from online loan companies thus facing harassment and fake billing threats. Fraudulent loan apps misuse victims' data for unauthorized loans, causing further financial loss.

Fraud related to cyber attacks

Cyber attacks dominated discussions as a prevalent type of fraud.

Customers expressed concerns about various cyber related attacks. Out of all the fraud type discussions for Bank Cards and Non-Card services, ~ 32% were related to cyber attacks. There were 224 total attacks in Oct 2023- Mar 2024 on banks in Indonesia, 58% of which were executed through malware, mobile device attacks, and email phishing.

Issuers should adopt best practices like analyzing information to build cyber intelligence and establish a non-negotiable cyber security culture to enhance their cyber controls.

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Executive Summary

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