Collaborative Efforts Urged to Combat Cybercrime in Payment Systems Industry

Jakarta - PT Jalin Pembayaran Nusantara (“Jalin”), a digital payment transaction processor (switching) company in Indonesia, emphasizes the importance of collective collaboration from all stakeholders to create robust cyber resilience in facing cybercrime threats. This was conveyed at the Indonesia Cyber Risk 2024 Seminar - Mitigating Cyber Risk and Building Trust, organized by the Indonesian Banking Development Institute (LPPI).

With the development of the modern payment systems industry, the demand for fast, efficient, and secure financial services continues to increase. The growth of transactions in digital payment channels has provided convenience to the wider community. According to data from Bank Indonesia (BI), by December 2023, the value of transactions using QRIS reached Rp229.96 trillion, with more than 45.78 million users.

In the Blueprint for the Indonesian Payment System (BSPI) 2020-2025, the payment system is identified as a sector with highly regulated business processes by the regulator. Every stage of financial transactions, from front-end to back-end, is equipped with various security tools such as Fraud Detection System (FDS), tokenization, anti-skimming, and others. These measures are necessary to ensure that digital financial transactions remain secure and protected from potential cyber threats.

CEO Jalin’s, Ario Tejo Bayu Aji, emphasizes the importance of proactive steps from industry players to strengthen corporate resilience against cyber threats. According to him, these steps include ensuring that information security management systems meet recognized international standards and continue to comply with regulatory requirements. Ario also highlights the importance of having structured incident response protocols and disciplined crisis management execution. In addition, regular security audits and evaluations of security measures are considered crucial to enhance future preparedness.

The importance of collaboration between banks, fintech, switching institutions like Jalin, and all other stakeholders in the payment systems industry needs collective attention. "The industry needs to seek opportunities for inter-institutional collaboration to maximize investment costs in strengthening cyber resilience through the utilization of shared infrastructure. The goal is to ensure that investments in strengthening cyber resilience do not become a burden on the industry, impacting services to customers,” he said.

Ario also emphasizes the importance of building a strong corporate culture in cybersecurity. Every financial institution and payment system infrastructure provider must adopt best practices, including the use of the latest technology and sharing information about potential threats. "Collaboration and increased literacy are key in facing cyber threats. All parties must unite to provide the best protection for payment system users in Indonesia," Ario concluded.