Be cautious of cardless installment loan fraud, which has deceived many college students of central Taiwan

"Cardless installment" loan scam has recently affected a large number of students from many colleges in central Taiwan. Under false pretenses of purchasing 3C products for investment, such as laptops and mobile phones, a self-described communication bank salesperson approached students and persuaded them to sign a cardless installment loan contract worth NT$50,000 to NT$100,000 in exchange for "getting a commission of NT$5,000 immediately after signing the contract."

[Taiwan Immigrants’ Global News Network] also advises international students and new immigrants to report crimes right away if they come across similar circumstances.

Read more: The Criminal Investigation Bureau reminds the public of fraudulent calls starting with "+67" and "+102"

Be cautious of cardless installment loan fraud, which has deceived many college students of central Taiwan.Photo reproduced from pixabay

A man going by the surname Lin, posing as a salesman for a mobile device store, allegedly began striking up conversations with students in front of universities in the central region a few months ago. He persuaded students to help him with business by purchasing laptops or cell phones. This information was based on an investigation conducted by the Taichung police.

He told students that they could get a NT$5,000 bonus without paying anything if they signed a cardless installment loan contract.

Many students sign an installment loan contract of NT$50,000 to NT$100,000 because they erroneously thought there is no risk, and they may earn NT$5,000 in cash. Lin even exhorts students to serve as go-betweens and introduce other classmates. One can also obtain a bonus of NT$3,000 if they manage to convince one classmate to sign the cardless installment loan contract.

Since July, financing businesses have been sending debt collection letters to the victim students, one after the other. These students not only did not receive any goods, but they also owed between NT$50,000 and NT$100,000 in debt.

More than 100 students have reported the crime, and the estimated number of victims is close to 600, according to the Ministry of Education.

New immigrants and international students are especially cautioned to be wary of this "cardless installment loan fraud" since people are accustomed to purchasing 3C products in installments.