Legal Protection for Consumers Regarding Personal Data in The Event of Illegal Investments to Create Legal Certainty

Abstract

The rapid development of information technology and digital finance has opened up significant opportunities for the growth of digital-based investments. However, this phenomenon has also led to a surge in illegal investment practices in Indonesia, particularly by non-bank financial institutions operating without a license from the Financial Services Authority. These illegal investments often exploit consumers' personal data without proper consent, thereby threatening consumer rights and security. This study aims to analyze the legal protection framework for consumers in the context of investment, and to evaluate the effectiveness of legal safeguards for personal data as a response to the growing trend of illegal investments, with the goal of establishing legal certainty in Indonesia. This research employs a normative juridical method with statutory, conceptual, case-based, and comparative approaches. The data used are secondary data obtained through library research, including legislation, legal doctrines, and other legal literature. The findings show that although the Consumer Protection Act and the Financial Services Authority Act regulate consumer protection, in practice, there remain significant legal loopholes exploited by perpetrators of illegal investments. Weak oversight, suboptimal law enforcement, and low public legal literacy are identified as major challenges. This study offers theoretical contributions to the development of consumer protection law and practical insights for policymakers in formulating stronger regulations and supervision mechanisms to ensure the security of personal data and legal certainty for consumers. Keywords: legal protection, consumers, personal data, illegal investment, Financial Services Authority.