Financial Regulatory Administration and Two Other Departments: Be Vigilant Against Induced Payment and High Financing Cost Traps, Enhance Discrimination Ability and Risk Prevention Awareness

People’s Financial News, March 13 — According to the website of the China Banking and Insurance Regulatory Commission, recently some online shopping malls have been inducing consumers to apply for loans under the guise of installment payments, recycling, and other methods, leading to numerous consumer disputes. To effectively protect consumers’ legal rights and interests, the Financial Consumer Rights Complaint Mediation Center of the National Financial Regulatory Administration, the China Consumers Association, and the China Internet Finance Association jointly issued a risk alert, reminding consumers to be cautious of payment inducements and high financing costs traps, and to enhance their ability to identify risks and prevent fraud.

Consumers should keep relevant evidence such as bills, transaction receipts, and communication records if they find their legal rights are infringed upon during the process of applying for installment payments for shopping and consumption. They should seek reasonable rights protection through legitimate and formal channels. Consumers can negotiate with operators based on laws such as the Consumer Rights Protection Law. If negotiations fail, they can report to the National Consumer Rights Protection Platform or the China Internet Finance Association; if they suspect illegal or irregular activities, they should report to regulatory authorities and public security agencies.