Fintech Trap
There has been so many development and invention to make life so much easier recently. And the smartphone and internet era even make things even easier. Where things was a hassle back then now it can be done ion our fingers tip. shopping for the example, we can feel how online shopping make our life a bit easier.
But just like a two edge knife, there has always a downside of an invention. Recently the rise of illegal Fintech company has become a major problem. They sends out ads and target those who are a bit desperate, or new to internet and stuff so that they want to use their service without knowing the danger lurking. Most of the company offer an easy online loans without much debt check or a collateral needed. It was all done through the app on the phone.
First they have to hands out their personal data without knowing the consequences. Because when they sign up and request the loan, they have to pass the identity test, which include giving out the photo of the ID and the person holding the ID, which later can bring so much problem.
Second, to install the app one must give permission for the app to access the contact and the gallery of the phone, which again can be proven a costly mistake. Because they can copy the phone contacts and also all the photos or videos in the phone. If they have some private photos, it can goes out pretty bad.
Third is they are having a huge interest rate, and hidden fee. Lets say someone is borrowing $500 from the app, the amount they get might be as low as $250 or $300 which is half of the amount they borrow because of that hidden fees. Then when they can't repay the loan of the due date, they will be charge a higher interest rate on daily basis, which can make the loan tripled or quadrupled in no time.
Here come the danger of giving away or identity and giving the app permission to access our gallery and the contacts. They will sends out a massage blast to every contact in our phone, sometimes with bad words and also the picture of our self holding the id.
If you still can't pay and have a private (nude) photos on your gallery,it will travel faster than the speed of light, making embarrassment toward you and the family. Don't ask your private data, it might be already sold in the black market.