28 Dec New Chinese Lenders Use Unsavory Tactics, Violates Customer’s Privacy
It was reported that the Chinese government is increasingly getting worried over the unsavory tactics used by online lenders in the country which may be violating the customer’s rights to privacy.
These lenders, who provide personal loans to individuals with no credit rating, often use apps which allow them to track and steal the user’s information. One such app called “Yongqianbao” harvests data such as typing speed, battery life, or how often the customer eat takeout, which it uses to find correlations between behavior and repayment history . The creator of the app, a former Baidu product manager, says the app is more efficient than a traditional loan officer.
However, most of these lending apps also steal the user’s contacts which it uses to harass the customer friends or family.