China’s TikTok advertisers are reportedly using behind-the-scenes tactics to promote payday loans, which experts say may violate fraudulent advertising laws. Commenting on the ads populating the platform, which is so popular with young people, one expert said, “These videos are at best designed to give you information you shouldn’t disclose, which leads to more Questions. At worst, it’s about taking your money or information for fraudulent purposes.” It is a complete hoax designed for
New York Post reports that companies are using China’s TikTok to advertise sloppy advance loans on a platform that targets young people who may violate fraudulent advertising laws. Some ads promise customers “almost instant” five-figure deposits despite bad credit, while others use the logos of news outlets like CNN to imply that they are part of an “inflation program” by the government.
(Nam Yu. Ha/AP)
(AP Photo/Elise Amendola, file)
Quick money seekers who click on links in many ads are asked for personal information, including social security and bank account information. This was said by John Breyo, vice president of the National Consumers Association. Mail: “At best, these videos are designed to get you more offers by giving you information you shouldn’t. At worst, this is a complete scam designed to get your money or information for fraudulent purposes.”
A TikTok ad from an account called Lavish Finances begins with a frame of the US Capitol and the words “US Government Inflation Program 2022”. The voiceover reads: “The U.S. Government Inflation Program helps Americans get credit even when they have bad credit. You can earn up to $50,000 just by filling out a simple form.”
The ad is framed from the perspective of a man holding a stack of hundred-dollar bills, and the voice-over is as follows: “I use my money to pay my bills, buy gas for the rest of the year, and keep my medical needs.” Click the link below, fill out the form in just 60 seconds and see how much you earn. Thank you later.”
Lavish Finances says it sends information about applicants to lenders who respond to loan offers at an annual interest rate of 35.99% for up to four years. If a person borrows $35.99 per year for four years, with a site’s maximum maturity of $50,000, they will owe $137,000.
Read more New York Post here.
Source: Breitbart
