Microloan industry raises privacy concerns in China

6th December 2018 News 3 Views

As Chinese millennials find themselves stuck between a high cost of living and low access to credit cards, the microloan industry has seen a proliferation, Vice reports. A recent survey from Ant Financial found that 45 of the 170 million people born after 1990 in China have an Ant Check Later microloan account. As microloan services surge, so too has “naked loan services.� These transactions require the user to supply a nude photo as collateral so that if repayments are not met on time, the lender can threaten to leak the photo. The report states that in 2016, 10 gigabits of nude photographs were leaked by microlenders and in 2017, a multi-ministry task force found that the microloan industry had introduced a range of issues, including privacy violations

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