Indonesia is amidst a digital transformation stage, with many digital businesses booming, especially in the finance sector. However, these efforts are being hindered by a rampant identity theft problem that the nation is facing.
A recent Ken article
But as is explored by the above-mentioned article, the sustainability and scalability of this otherwise phenomenal story of financial inclusion for more than 50% of Indonesia’s underserved population is being threatened by the lack of digital trust.
Fraudsters in Indonesia are taking advantage of the nascent nature of Indonesia’s digital economy, and exploiting the limited awareness about identity fraud amongst the citizens of the country. In most cases, fraudsters use the identity information of unsuspecting consumers to obtain loans and credits, leaving the victims burdened with millions of Rupiahs of debt and lenders with NPAs as high as 40%.
This lack of digital trust stems from absence of robust mechanism to drive digital identity verification
Following would form the three pillars that would eventually fill this gap in digital trust:
- Centralized and up to date data repository (Build identity and attribute can be incorporated in this)
- Leverage telecom data
- Consumer consent
While it is important that countries like Indonesia march forward with grit and conviction towards a digital economy, it is absolutely critical that they do it with the right measures in place.
Data plays a critical role in ensuring the success of such pursuits, and partners with the right capabilities and track record need to be onboarded to support the nation’s visions and objectives.
News From
Category: Internet Profile: IDcentral enables effective use of alternate sources of data to enable customer onboarding, verification and deliver identity analytics. Leveraging our relationships with carriers across the globe that spans over two decades, we have access to one of the largest repositories of data in the world. Our objective is to help organizations succeed in the digital era by the right use of technology to influence trust and customer experience.
For more information:
Make an Inquiry about this report HERE!- www.idcentral.io
- www.linkedin.com/company/idcentral
- www.facebook.com/IDcentral.io
- twitter.com/idcentral_io
- www.instagram.com/idcentral.io
- the-ken.com/sea/sto…laborators