Real-life Squid Games?: Fraudsters in China take cue from South Korean TV series to prey on indebted
Isolation challenges, often advertised on Douyin, as TikTok is known in China, have risen in popularity this year as the world's second-biggest economy slows.
The second season of the widely popular South Korean TV series Squid Games has been released. Taking inspiration from Squid Games, fraudsters in China are preying on indebted people with promises of prize money, debt restructuring and other schemes that are not always what is promised.
A report by the news agency Reuters on Wednesday (Dec 25) said that, unlike Squid Games, the Chinese players (those who are indebted) take on "isolation challenges" that do not risk their lives if they lose.
A look at the scam
News agency Reuters reported that in these isolation challenges- people pay hundreds of dollars to stay in a room for days, following prescribed rules in the hopes of winning as much as $140,000 (around 1 million yuan).
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Courts found that some of the participants were being scammed, and regulators were warning people about dodgy debt relief claims.
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Isolation challenges, often advertised on Douyin, as TikTok is known in China, have risen in popularity this year as the world's second-biggest economy slows.
The long list of rules in the challenges include toilet breaks not exceeding 15 minutes and bans on touching the alarm clock more than twice a day.
Many players cry foul when they do not survive their first day for infractions caught on surveillance cameras, which they dispute.
A warning by the NFRA
On Tuesday, the National Financial Regulatory Administration (NFRA) warned the public not to fall for "debt intermediaries" claiming to help people restructure their borrowings or improve their credit profiles.
Touting their services through phone, texts, flyers and ads on social media, such intermediaries claim they can help secure new loans or provide temporary funds, but the NFRA warned the services came with a high fee.
(With inputs from agencies)