Fraud Analysis on Illegal Online Lending Using Habermas' Theory of the Public Sphere

  • Nanang Shonhadji Universitas Hayam Wuruk Perbanas


This study aims to find out and reveal how fraudulent practices in illegal online loans are carried out by P2P lending service providers from the point of view of Habermas' critical thinking. Research site was an illegal online lending practice and the informant were users and victims of fraud from illegal online lending practices who are domiciled in Surabaya, Sidoarjo and Pasuruan, East Java. This qualitative research uses the Radical Humanist Paradigm approach. Result of this research have shown that Habermas' theory of the public sphere can be used as a basis for thinking to reveal the fraud media used by illegal financial technology lenders. The need for clarity on regulations for peer to peer (P2P) lending transactions through online media and firmness of sanctions for perpetrators of illegal online loan fraud to protect the public is a form of consciousness proposed idea.

Keywords: fraud, online loans, Habermas


Download data is not yet available.


Budiyanti, E. (2019). Upaya Mengatasi Bisnis finansial teknologi Ilegal., Vol XI. Jurnal Info Singkat, XI(04/II/Puslit), 19-24.

Cheng, H., & Guo, R. (2020). Risk Preference of the Investors and the Risk of Peer-to-Peer Lending Platform Emerging Markets Finance & Trade, 56(7), 1520-1531. doi:10.1080/1540496X.2019.1574223

Davis, K., Maddock, R., & Foo, M. (2017). Catching up with indonesia’s fintech industry. Law and Financial Markets Review, 11(1), 33–40. doi:

Duma, F., & Gligor, R. (2018). Study regarding Romanian students’ perception and behaviour concerning the fintech area with a focus on cryptocurrencies and online payments Online Journal Modelling the New Europe, 27, 86-106. doi:

Ferrari, R. (2016). FinTech Impact on Retail Banking - From a Universal Banking Model to Banking Verticalization The FinTech Book (pp. 248–252). USA: Entrepreneurs and Visionaries.

Gomber, P., Koch, J.-A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions Journal of Business Economics, 87(5), 537–580. doi:

Goode, L. (2005). Jurgen Habermas: Democracy and the Public Sphere (Modern European Thinkers). Northampton: Pluto Press.

Habermas, J. (1962). The Structural Transfornation of the Public Sphere: An Inquiry into a Category of a Bourgeois Cambridge, MA: MIT: Society Press.

Habermas, J. (2010). Ruang Publik, Sebuah Kajian Tentang Kategori Masyarakat Borjuis (terjemahan) Bantul: Kreasi Wacana.

Huda, S., Sarno, R., & Ahmad, T. (2016). Increasing accuracy of Process-based Fraud Using Behavior Models. International Journal of Software Engineering and Its Applications, 10(5), 175-188. doi:

Jaduk, G. P. (2017). Rekonstruksi Pemikiran Habermas Di Era Digital. Jurnal Komunikasi Dan Kajian Media, 1(1), 1-14. doi:10.31002/jkkm.v1i1.381

Kiarie, R. K. (2021). Ethics in Mobile Banking: A Case Study of Kenya's Mobile Money Platform Research
Anthology on Concepts, Applications and Challenges of Fintech. USA: IGI Global Publisher.

Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35-46. doi:

Leong, C., Tan, B., Xiao, X., Tan, F. T. C., & Sun, Y. (2017). Nurturing a FinTech ecosystem: The case of a youth microloan startup in China International Journal of Information Management, 37(2), 92–97. doi: 10.1016/j.ijinfomgt.2016.11.006, 37(2), 92-97. doi:10.1016/j.ijinfomgt.2016.11.006

Manan, Y. M. (2019). Sistem Integrasi Proteksi & Manajemen Resiko Platform Fintech peer to peer (P2P) Lending dan Payment Gateway untuk Meningkatkan Akselerasi Pertumbuhan UMKM 3.0. Ihtifaz: Journal of Islamic Economics, Finance, and Banking, 2(1), 73-87. doi:10.12928/ijiefb.v2i1.847

Midgley, D. (2012). Beyond Habermas: Democracy, Knowledge, and the Public Sphere. London: British Library Montag.

Omarini, E. (2018). Peer-to-Peer lending: Business Model Analysis and the Platform
Dilemma. International Journal of Finance, Economics and Trade, 2(3), 31-41. doi:

Ozcelik, H. (2020). An Analysis of Fraudulent Financial Reporting Using the Fraud Diamond Theory Perspective: An Empirical Study on the Manufacturing Sector Companies Listed on the Borsa Istanbul. Contemporary Issues In Audit Management and Forensic Accounting, 102, 131-153. doi:

Ozili., P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329-340. doi:

Pollari, I. (2016). The rise of Fintech opportunities and challenges. JASSA: The Journal of The Securities Institute of Australia, 3, 15-21. doi:

Raden, A. E. W., & Bambang, E. T. (2019). Praktik Finansial Teknologi Ilegal dalam Bentuk Pinjaman online Ditinjau dari Etika Bisnis Jurnal Pembangunan Hukum Indonesia, 1(3), 379-391. doi:

Rengganis, R. M. Y. D., Sari, M. M. R., Budiasih, I. G. A., Wirajaya, I. G. A., & Suprasto, H. B. (2019). The Fraud Diamond: Element In Detecting Financial Statement of Fraud. International Research Journal of Management, IT and Social Sciences, 6(3). doi:

Romānova, I., & Kudinska, M. (2016). Banking and Fintech: A Challenge or Opportunity? . Contemporary Studies in Economic and Financial Analysis, 98, 21-35. doi:Doi: 10.1016/j.jeconbus.2018.07.003

Saksonova, S., & Kuzmina-Merlino, I. (2017). Fintech as financial innovation - The possibilities and problems of implementation. European Research Studies Journal, 20(3), 961-973. doi:

Stewart, H., & Jürjens, J. (2018). Data security and consumer trust in FinTech innovation in Germany. Information and Computer Security, 26(1), 109-128. doi:

Suseno, A. W., & Yeti, S. (2021). Tanggung Jawab Korporasi Fintech Lending Ilegal dalam Perspektif Perlindungan Konsumen Law Review, XXI(1), 117-144. doi:

Teten, T. (2021). Pelanggaran Penyelenggara Peer To Peer (P2P) Lending Financial Technology Ilegal Terhadap Debitur Logika: Jurnal Penelitian Universitas Kuningan, 12(1), 85-93. doi:

Wang, Y., Han, X., Li, Y., & Liu, F. (2021). Efficiency and Effect of Regulatory Policies on the Online Peer-to-peer (P2P) Lending Industry. Emerging Markets Finance & Trade, ahead of print, 1-14. doi:10.1080/1540496x.2021.1882987
How to Cite
SHONHADJI, Nanang. Fraud Analysis on Illegal Online Lending Using Habermas' Theory of the Public Sphere. Jurnal Ilmiah Akuntansi dan Bisnis, [S.l.], v. 17, n. 1, p. 33-49, jan. 2022. ISSN 2303-1018. Available at: <>. Date accessed: 27 june 2022. doi: