In the west, the surveillance agencies have been trying to stay as low-key as possible, while listening to everything and anything. China has taken a different approach. Not only is the surveillance very overt, you are also constantly nudged to fall in line.
According to China, talkative people pay back loans. The very talkative default. Too taciturn is no good either. Also, don’t take out loan at 4 a.m. These factors can hamper your image in the eyes of the money Lenders.
These factors are taken into high consideration by the money lenders in China who are tracking down the people’s behavior via apps on their mobile phone. What the hell is going on?? This is the latest method that has been adopted by the online money lenders which will decide what the credit score of the individual be!
Where on the other end Chinese people don’t mind handling over their personal details that would spark outrage in the West, in exchange for lower rates. The Chinese willingness to share is key to china’s plan to create the largest repository of online data on its citizens and their habits in the world.
You will not believe that more than 80 percent of what’s collected is in the hands of the government, which make it largely available for private sector use, Chinese Premier Li Keqiang recently told an audience in china that included Dell Inc. Chief Executive Officer Michael Dell.
WeLab Ltd, a Hong Kong based online lender that makes loans in China, looks at what apps people have downloaded, where they go using the phone’s GPS tracker, their social networks and their school records. If even offers discounted interest rates for each extra piece of personal information that helps profile costumers for credit ratings. Some are perhaps over-sharing. University students desperate for cash have been sending nude photos of themselves as collateral to several online lending platforms, according to the official People’s Daily.
Preying on young women who need money for college and other expenses, Internet Lenders in China are reportedly offering them high-interest loans in exchange for nude photos of themselves, enticing victims with promises of extra cash and then blackmailing those who fail to pay by threatening to publish the pictures or send them to their families. The photos must show each girl holding an ID card. Well, this is something for that we have heard for the first time.