Purwokerto, Central Java. Indonesia’s financial sector lost an estimated Rp 7 trillion ($422 million) to digital fraud in the past year, the Financial Services Authority (OJK) said on Saturday.

The figure covers the period since the Indonesia Anti-Scam Center (IASC) was launched on November 22, 2024, said Friderica Widyasari Dewi, OJK’s Chief Executive for Financial Consumer Protection.

“In less than a year since the IASC began operations, hundreds of thousands of fraud reports have been filed, with total losses reaching Rp 7 trillion -- an enormous figure,” Friderica said at an event in Banyumas, Central Java.

She said most victims were lured by fake investment offers promising unusually high returns. To combat the surge in scams, the IASC has blocked tens of thousands of bank accounts used by fraudsters, including those linked to online marketplaces and digital payment systems.

So far, 94,344 bank accounts have been blocked, while another 487,378 accounts are under review for suspected involvement in financial crimes. The center has received 299,237 reports, freezing Rp 376.8 billion ($22.7 million) in funds related to scam activity.

Friderica stressed that speed of reporting is critical to recovering victims’ money, but noted that most victims file complaints more than 12 hours after the scam occurs.

“In other countries, victims usually report within 10 to 15 minutes. We need to educate the public to act faster so we can block transactions before the money disappears,” she said. “There is no such thing as high profits without risk -- prudence remains the best protection for consumers.”

Friderica said fraudsters are using increasingly sophisticated digital methods, including online shopping scams, fake calls, phishing links, and counterfeit investment schemes.

According to OJK data, the ten most common and damaging scam types are:

1. Online Shopping Fraud — 53,928 cases, losses of Rp 988 billion ($59.5 million); average loss Rp 18.3 million per victim.
2. Fake Calls (Impersonation Scams) — 31,299 cases, Rp 1.31 trillion ($79 million) in losses; average Rp 42 million per victim.
3. Fake Investments — 19,850 cases, Rp 1.09 trillion ($65.7 million) in losses; average Rp 52 million per victim.
4. Fake Job Offers — 18,220 cases, Rp 656 billion ($39.6 million) in losses; average Rp 36 million per victim.
5. Prize and Lottery Scams — 15,470 cases, Rp 189.9 billion ($11.5 million) in losses; average Rp 12 million per victim.
6. Social Media Scams — 14,229 cases, Rp 491 billion ($29.6 million) in losses; average Rp 34 million per victim.
7. Phishing (Cyber Fraud) — 13,386 cases, Rp 507 billion ($30.6 million) in losses; average Rp 38 million per victim.
8. Social Engineering — 9,436 cases, Rp 361 billion ($21.8 million) in losses; average Rp 38 million per victim.
9. Online Lending Scams — 4,793 cases, Rp 40.6 billion ($2.4 million) in losses; average Rp 8.5 million per victim.
10. WhatsApp APK File Scams — 3,684 cases, Rp 134 billion ($8 million) in losses; average Rp 36 million per victim.

The highest number of scam reports came from West Java (61,857), followed by Jakarta (48,165), East Java (40,454), Central Java (32,492), and Banten (20,619).

Friderica said OJK continues to coordinate with banks, payment platforms, and law enforcement to strengthen anti-fraud systems and public awareness campaigns.

“We’re urging people to double-check every offer and verify official sources. Once funds are transferred to a scammer, the recovery process becomes extremely difficult,” she said.