The Commercial Crime Investigation Department (CCID) director has issued a warning to the public to avoid loan sharks, who often use social media to advertise their services. Loan sharks are known to resort to intimidation and violence, leading to serious consequences.
Apart from putting up ‘quick cash’ posters in public places, Illegal moneylenders also use social media to advertise their services, leveraging its wide reach, anonymity and leniency. – ADAM AMIR HAMZAH/THESUN
According to the Home Ministry, 1,965 cases of violence involving loan sharks were reported between 2020 and August this year. On Nov 18, a 15-year-old was reported to have borrowed money from a loan shark just to satisfy his girlfriend’s craving for after he came across a TikTok advertisement. “We will continue our efforts against them and work closely with the Criminal Investigation Department to stamp out their activities.”
“Regulation is not going to happen on its own. It must include tougher digital advertising guidelines, collaboration between financial institutions and social media networks identifying and blocking illegal accounts.” “Access to instant money with minimum hassle, little financial knowledge and ignorance of serious consequences all conspire to make such predators particularly appealing to young people.”
Loan Sharks Social Media Warning Commercial Crime Investigation Department Intimidation Violence
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