Danamon Urges Customers to Avoid Illegal Cash Practices (Gesek Tunai), by Providing Safe and Reliable Cash Solutions

Press Release / 22 October 2024

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Jakarta, 21 October 2024 — PT Bank Danamon Indonesia Tbk (Danamon) continues to educate its customers to manage their finances wisely and avoid the illegal cash practice (Gesek Tunai or Gestun), which has been banned by Bank Indonesia (BI) and the Financial Services Authority (OJK). Gestun is not only illegal but also carries significant risks that can harm customers, such as personal data theft and money laundering.

Gestun refers to credit cardholders utilizing their credit card limit through electronic data capture (EDC) machines at specific merchants. Formally, this transaction appears as a purchase of goods or services, but its primary purpose is to disguise the intent of withdrawing cash. For some customers, gestun may seem like a quick option to obtain cash without using ATMs which incur cash withdrawal fees, or without applying for a personal loan. However, despite its practicality, gestun is essentially a fictitious transaction that exposes customers to various financial and non-financial risks.

Gestun has been declared illegal by BI and OJK, making it a criminal offense. Bank Indonesia, through Bank Indonesia Regulation No. 11/11/PBI/2009 and its amendments, states that gestun constitutes fraud or an illegal transaction. If caught engaging in this practice, offenders could face severe legal consequences.

According to OJK’s Bijak Ber-e-Banking guidebook, gestun is not a bank product, and thus, in the event of losses from such transactions, customers cannot claim compensation from the bank. Customers involved in gestun are also vulnerable to greater risks, such as the misuse of personal data and identity theft. Personal data taken from transactions at unlicensed merchants can be used to access customer account or credit card information without their knowledge.

Furthermore, gestun opens up opportunities for money laundering, where proceeds from criminal activities or illegal operations can be laundered through repeated transactions that appear legitimate on the surface. By bypassing strict oversight from banks and regulators, perpetrators can turn illegal money into what appears to be legitimate funds. This practice not only harms customers personally but also threatens the integrity of the overall financial system.

Danamon urges its customers to exercise caution and avoid all gestun practices to prevent these risks. Danamon emphasizes the importance of using credit cards for their legitimate purpose as legal payment instruments rather than as a means to obtain cash illegally. The bank encourages customers to manage their personal finances more wisely, ensuring that they prioritize safety and responsibility in their spending.

As a solution for customers needing safe and legal access to cash, Danamon offers the Money Transfer service. This service allows customers to withdraw their credit card limit to their bank accounts with interest rates starting at 0%. Customers no longer need to resort to gestun to access cash, as the Money Transfer service provides a quick and easy alternative for withdrawing credit card limits.

This service is available through the D-Bank PRO mobile banking app, allowing customers to apply anytime and anywhere. The transfer process takes only 30 seconds. Danamon also offers flexible instalment terms ranging from 6 to 36 months, tailored to meet customers’ needs.

Enriko Sutarto, Consumer Lending Business Head of PT Bank Danamon Indonesia Tbk, affirmed, “Danamon understands that customers sometimes need cash for specific purposes. Through the Money Transfer service, we provide a safe, easy, and convenient solution to obtain cash without engaging in gestun. This service is also part of our commitment to supporting Bank Indonesia and OJK’s efforts to eradicate the harmful practice of cash swipe.”

Danamon believes that by offering comprehensive financial solutions, customers can avoid the risks associated with illegal practices like gestun. This aligns with Danamon’s commitment, along with its group of companies and strategic partners, to continuously transform as One Financial Group and become a trusted financial partner focused on customers by providing holistic financial solutions, enabling customers to grow alongside Danamon. Customers can visit Danamon’s official website at bdi.co.id/MT for more information about the Money Transfer service.

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