Nude Photos Of Chinese Women Used As Loan Collateral Have Been Leaked Online

Photos and videos of naked Chinese women were leaked online and they don’t belong to some ladies who sent their nude pictures to former boyfriends who now want to get back at them. The pictures were actually some sort of collateral for loans on a Chinese lending service called Jiedaibao. The data totaling over 10GB was stolen from the Jiedaibao and in the process the nude photos of more than 160 women were leaked online. The service had asked the women to send in the explicit materials in order to secure loan facilities.

The service launched in 2015 and it allows lender to operate anonymously but requires borrowers to reveal their real names when making transactions. According to Japan Times, loan amounts and interest rates can be customized to meet the needs of users — often people who have a hard time accessing loans through more traditional financial institutions, like banks.

Interest on the “nude loans” reached an astonishing 30 percent a week, according to the Global Times newspaper.

Lenders told female borrowers that if they failed to repay the loans, their nude photos would be sent to their families and friends, whose information was also required for some transactions, the article said.

The photos were originally posted in Alipay’s newly launched social media feature called Circles, which allows only women to post photos, and had obscene comments from male users.

China has nearly 2,600 platforms described as P2P businesses, according to one industry estimate, with transactions valued at around $150 billion last year.

The Chinese government though has been worried about the P2P lending trend and in August it tightened regulations by setting a borrowing limit of 1 million yuan for individuals.

Data security is and always will be for a long time to come a serious issue. Nearly all of the bug internet names have all faced this threat and have had user data stolen and sold on the dark web. The biggest of them all though is Yahoo which saw over 500 million user details stolen in 2014.