BBC exposes the dark world of Chinese loan apps, the terrifying reality that is driving many people to suicide
The BBC has revealed how some loan apps are preying on users by offering instant money but charging much higher interest rates than banks. It documents traces of loan apps owned by Chinese investors that push people into spirals of debt, intimidation tactics employed by loan recovery call centers, and abusive behavior that drove at least 60 people to suicide.
Blackmail, suicides to nudes, 10 things to know about the horrifying instant loan app scams | Tech News
https://tech.hindustantimes.com/tech/news/blackmail-suicides-to-nudes-10-things-to-know-about-the-horrifying-instant-loan-app-scams-71697023402475.html
Fraud, intimidation, suicide: BBC documentary exposes the murky world of Chinese loan apps
https://www.newslaundry.com/2023/10/11/fraud-intimidation-suicide-bbc-documentary-exposes-the-murky-world-of-chinese-loan-apps
According to the BBC, some loan apps are fraudulent, asking users to pay higher amounts by not paying them the amount they are offered or by increasing interest rates. .
The average repayment period for such apps is only about 7 to 10 days. If these short deadlines are not met and the user is unable to repay the loan on time, or even if they are able to do so, the scammers behind the scam will move on to the next step.
A female user in Mumbai, India, interviewed by the BBC, said that even after she had repaid her debts, she kept receiving phone calls, and that photos of her face taken from the app that had been sexually edited were posted on the internet. He testified that he suffered a great deal of mental pain. The woman said her photo was sent to all her contacts through the app.
Many others have complained of mental breakdown, and according to the BBC, as many as 60 people have been driven to suicide in India alone. Surprisingly, such scams are not only carried out in India but in 14 different countries, and these victims can end up being asked to part with all of their savings.
These cases are classified as sexual assault or financial fraud, and it is also recognized that due to the nature of these problems, victims tend to hesitate to speak publicly or seek help from the authorities. Masu.
Protecting yourself from this kind of damage is not difficult, just avoid using unauthorized financial services that claim to make borrowing money easy. However, it is also true that there are people living in countries and societies who are forced to deal with these things, and people who do not have the knowledge to avoid damage. Although some app operating companies have been exposed and their owners have been arrested on charges of fraud and extortion, there are still some apps that continue to operate.
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