“A number of dodgy lenders have realized that young shoppers are desperate for loans, and are demanding that customers hand over naked selfies as collateral. If the repayments aren’t made on time, the money lenders threaten to leak those selfies to the individual’s family and friends. Many also charge interest on the original loan, thus burying their victims further in debt and forcing them to send more pictures and videos. These kinds of transactions are known in China as “naked loan services.”“.
On it’s own this is disturbing in its contrast of exploitative measures for non-essential borrowing. Put in context of the earlier news about China’s Social Credit System and the difficulties faced by people with a low score, and this feels like a minor taste of worse things to come.