Beware of scams when buying on installments at the end of the year

Fraudsters often approach victims through social networks such as Facebook, Zalo or through referrals from people who have borrowed money from the group to advise on how to "borrow money quickly, only need ID card/CCCD" and "borrow money without interest payments" through installment purchases.

Fraudster's post to lure customers on social networks

Then, they guide the victim to an electronics store to buy the product on installments and support the down payment. For each successful installment contract, the subjects will give the victim a small amount of money to buy the product, and at the same time sell the product to take the difference (about 5 to 10 million VND, depending on the value of the product).

After falling into the trap, the victims will have to pay a high fee to assist the scammer and at the same time be responsible for paying the entire amount in the installment contract at the financial companies.

To avoid losing money, authorities and financial companies recommend that people keep their personal information absolutely confidential, carefully study installment contracts, especially payment responsibilities for contracts under their own name, and be wary of tricks and enticements from bad guys.

Customers should access loans from financial institutions licensed by the State Bank.

As of March 2021, there are nearly 16 financial companies operating in the consumer lending market in Vietnam, and about 80% of the market share is in the hands of 3 businesses: FE Credit, Home Credit and HD Saison. Consumer finance companies are always trying to push back black credit, calling on people to access official sources of information from financial institutions licensed by the State Bank of Vietnam.

According to Laborer