OJK is also preparing 20 new regulations under the Financial Sector Development and Strengthening Law (UU P2SK) for 2024. A draft Government Regulation (RPP) on Demutualization of the Stock Exchange, being developed by the Ministry of Finance, is expected to be issued this year, aiming to strengthen the financial regulatory framework in Indonesia.

This situation underscores the growing need for stricter education and oversight in the investment sector to protect the public from harmful illegal schemes.

To prevent falling victim to illegal investments, the public must recognize the common characteristics and tactics of these schemes. Red flags include dubious legality, promises of high returns in a short period, claims of risk-free investments, and recruitment models like “member-get-member.” These schemes often leverage the influence of public figures, community leaders, or religious authorities.

Illegal investment schemes frequently employ Ponzi structures, forge business licenses in OJK’s name, and duplicate registered company names.

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Anthonius Hari Prasetyo Moerdianyo, Head of the Capital Market Regulation and Development Department of OJK, reported a steady rise in stock market investors, with millennials and Gen Z (those under 30) making up 55 percent of the total. This growth is driven by rapid advances in technology, with younger generations using user-friendly tech and social media to seek and share investment information.

He cautioned that easy access to information has also led to a proliferation of misinformation and hoaxes in the investment space. He emphasized the need for careful evaluation of investment offers.

“OJK is actively enhancing its outreach and educational efforts to boost financial literacy and inclusion, aiming to protect the public from illegal investments,” Anthonius said