Jakarta, CNBC Indonesia- The public continues to be asked to be aware of the continued rise of illegal Pawnshops and Pawn Auctions which are still widely circulating in Indonesia.

Managing Partner of Akhmad Zaenuddin & Partners, Akhmad Zaenuddin, appealed to customers to ensure that they carry out pawn transactions at a pawnshop licensed and supervised by the OJK. This is important to ensure interest, collateral, payment rules and settlement mechanisms in the event of default or failure to pay.

Akhmad also said that there is a danger of illegal pawn transactions because they can result in very high interest and fines and if the customer fails to pay, it could result in the loss of the collateral.

What are the dangers of illegal pawning? What are some tips to avoid illegal pawning traps? And what legal steps can be taken regarding illegal pawning and pawning auctions?

For complete details, see Shinta Zahara's dialogue with the Executive Director of the Indonesian Credit Card Association (AKKI), Steve Marta. Shinta Zahara with Managing Partner Akhmad Zaenuddin & Partners, Akhmad Zaenuddin at Power Lunch,CNBCIndonesia (Thursday, 04/01/2024)