As lending apps require users to grant them access to contacts, location, stored files, and other mobile data as part of their T&Cs, a black market in user details has begun to thrive in China.
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China fintech lending boom fuels risks of data theft
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“Consumer lending platforms are definitely involved in buying and selling data, and it’s hard to stop,” said Xue Hangyan, director of the Suning Financial Research Institute, a division of electronics retailer Suning Holdings. “Everyone faces the problem of acquiring customers and wants data that can help them with precision sales and marketing, so the demand for user data is very large.”
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