Friderica Widyasari Dewi, Executive Head of Financial Services Business Actors' Behavior Supervision, Education, and Consumer Protection at OJK, stated that people often get trapped in illegal online loans due to several reasons. These reasons are based on a survey conducted by OJK.

According to Widyasari, people use illegal online loans to pay off their debts. They find themselves caught in a vicious cycle where they take new loans to pay off previous debts.

Furthermore, other reasons include urgent needs, consumer behavior, economic pressure, and lack of literacy about online loans.

Widyasari also explained the term "hedonic treadmill," which is well-known in the field of psychology. This term describes how individuals constantly seek a higher and more luxurious lifestyle. They pursue satisfaction and pleasure in their lives, but often end up trapped in debts they struggle to repay.

Widyasari also highlighted the phenomena of FOMO (Fear of Missing Out), YOLO (You Only Live Once), and FOPO (Fear of People's Opinion) commonly experienced by the younger generation. These phenomena prevent them from truly enjoying their lives as they are heavily influenced by others' opinions. They get trapped in a consumeristic culture that pushes them to follow trends and fulfill material desires, even if they cannot afford it.

To address the issue of illegal online loans in Indonesia, OJK is committed to enhancing the performance of the Illegal Financial Activities Eradication Task Force (PAKI) through collaboration with relevant ministries and institutions, both in prevention and enforcement efforts.

Since January 1, 2023, until October 2023, the Task Force has successfully halted 1,484 illegal entities, with 1,466 of them being illegal online loan providers. In October, OJK has blocked 53 phone numbers, 309 WhatsApp accounts, and 47 bank accounts.