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Digital Financial Literacy for Online Lending Safety and Fraud Prevention
Abstract
The lack of digital financial literacy in the community level has failed to keep up with the high rate of development of digital financial services and has put the households at risk of illegal lending through the internet and fraudulent use of digital financial services. As the RT.01 area is confronting the high rate of exploitation to the illegal online lending system and digital fraud, this community engagement initiative seeks to promote digital financial literacy among the residents of RT.01, Sengkotek Village, Loa Janan Ilir District, Samarinda, as the online financial services have been expanding at a faster rate than the level of financial literacy on the community level. The program utilized a community-based Participatory Action Research design, which incorporated a needs assessment, creation of contextualized learning resources, a 2-day structured training intervention and evaluation of the outcomes by pre- and post-intervention surveys as part of 120 participants. The learning processes were presented by means of printed materials and brief instructional videos to simplify the materials. Simple explanations combined with visual examples kept the participants more entertained. The outcomes demonstrate the definite rise of financial literacy level, the average score of which grows to 68 points. Most respondents added that they had just woken up and learned the dangers of appealing Internet loan deals. It is also a program that upholds the Sustainable Development Goals that the United Nations advocates, in particular, inclusive education (SDG 4), household financial resilience (SDG 8), and popular awareness of legitimate digital financial systems (SDG 16).
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DOI: http://dx.doi.org/10.33474/penadimas.v4i2.29622
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