Beware of fraudulent schemes involving installment purchases of electronic goods for cash conversion
Recently, due to trust and the increasing need for cash expenses, many people have fallen victim to fraudulent schemes involving installment purchases of electronic goods for cash conversion.
How fraudsters operate:
Scammers approach victims through social media platforms such as Facebook and Zalo, offering:
- “Quick cash loans through installment purchases”
- “Buy a phone on installment and convert it to cash”
- “Bad credit? Still eligible for a loan with just an ID card”
- “Borrow money without paying interest”
These tactics target individuals facing financial difficulties who want to borrow money quickly.
Victims are then instructed to visit electronics stores and purchase items through installment plans. Once the installment contract is successfully signed, fraudsters give the victim a small amount of cash (ranging from 30% - 40% of the product’s value) while taking the purchased item to resell for profit.
Consequences:
- Victims receive only a small amount of cash compared to the loan taken from the financial company and must bear full responsibility for repaying the installment contract.
- Failure to make full and timely payments may result in bad debt records in the Vietnam National Credit Information Center (CIC) system.
- Taking out an installment loan to purchase a product but actually receiving cash violates the agreed loan purpose with the financial company.
- This may affect future eligibility for financial products and loan applications.
PTF urges customers to stay cautious and take note:
✅ Never engage in or support installment purchases of electronic goods for cash conversion.
✅ Thoroughly review credit contracts, especially repayment responsibilities for contracts under your name.
✅ If you suspect or detect signs of fraud, immediately report it to PTF at the nearest service point or contact the hotline 1900 23 23 56 for prompt assistance.
