China Securities Regulatory Commission, People's Bank of China and other departments issue risk warnings: Beware of illegal "proxy rights protection" short video and live streaming traps.

Warning from the China Banking Regulatory Commission, the Cyberspace Administration of China, the Ministry of Public Security, the People's Bank of China, and the China Securities Regulatory Commission about the risks of illegal "agency rights protection" short videos and live broadcast traps Recently, some organizations and individuals in society have been illegally producing and disseminating false short videos on self-media platforms such as short videos and live broadcasts, claiming to offer services such as "full refund of insurance," "debt clearance," "debt optimization," "debt negotiation," "debt replacement," "credit whitening," "investment advisory refund," etc. Some even use live broadcasts to teach "skills" and induce financial consumers and investors to entrust them with "agency rights protection," in order to charge high consultation fees and service fees under the guise of "legitimate rights protection" while actually engaging in "illegal profit-making." Such illegal "agency rights protection" short videos and live broadcasts spread false information, disrupt the order of the financial market, and infringe upon the legitimate rights and interests of financial consumers and investors. In response to this, the China Banking Regulatory Commission, the Cyberspace Administration of China, the Ministry of Public Security, the People's Bank of China, and the China Securities Regulatory Commission have issued a risk warning, reminding the public to be vigilant against illegal "agency rights protection" infringements and to protect their rights in a lawful and rational manner. I. Main features of illegal "agency rights protection" short videos and live broadcasts 1. Claiming "new policies from regulatory authorities." These short videos and live broadcasts claim that regulatory authorities have strengthened supervision and introduced new regulations. They use headlines such as "full insurance refund," "debt recovery clearance," "debt replacement," "free credit report viewing," spreading false information like "insurance refund policies," "debt recovery pilot policies," "national debt clearance and inspection five-year plan," "whitewashing of large overdue debts," and "new regulations from the China Securities Regulatory Commission, refund channels open in month X," confusing viewers. Some short videos and live broadcasts incorrectly quote or even deliberately misinterpret the policies of financial regulatory authorities, leading financial consumers and investors to unquestioningly believe in the so-called "regulatory new regulations." Some short videos combine marketing information about "agency rights protection" with photos of regulatory authorities and personnel completely unrelated to regulatory policies, financial hot topics, attracting financial consumers and investors through deceptive means. 2. Claiming "activities by financial institutions." These short videos and live broadcasts claim that financial institutions are conducting activities such as "full insurance refund," "deferred repayment," and "national debt clearance," boasting that "refund channels are now open" and "you can delay repayment of bank debts, major banks have opened deferred repayment channels," accompanied by scenes of financial institution premises and corporate logos to enhance the "authenticity." 3. Claiming "professional lawyers for professional rights protection." These short videos and live broadcasts often claim to be under the guise of "professional legal counsel" or "law firms," using "popularizing legal knowledge" as a cover to convey misleading information to financial consumers and investors, such as "insurance agents can obtain full insurance refunds by signing on behalf," "there is a universal phone number for credit card negotiation installment," "can help negotiate debt reduction with banks," "successful credit report complaints," "investment advisory refunds, just one move, obediently get full refund" and other misleading information, as well as false cases like "get back 5000 yuan in 6 days through organization refunds! Step-by-step guide throughout the refund process," openly teaching full insurance refunds, anti-collection, credit overdue complaints "rights protection techniques," opportunistically promoting "agency rights protection" services and charging high fees. The so-called "law firms" are sometimes actually operated by information companies or consulting companies; the so-called "rights protection techniques" involve pressure tactics such as constant visits and lawsuits, or incitement and assistance to provide financial consumers and investors with false evidence. 4. Other inflammatory rhetoric. Like claiming "investment advisors scam money when the stock market falls," these short videos and live broadcasts use rhetoric that sings bearish on the stock market such as "no money to be made," "A-share market disaster," and examples of investors losing money to induce marketing propaganda, attracting investors to actively contact "agency rights protection" organizations through inflammatory articles. II. Risk warnings 1. Do not believe rumors. Claims such as "full insurance refund," "don't need to repay loans/credit cards," "debt negotiation," "debt replacement," "credit whitening," "full refund of investment advisory fees," are all false information, not in line with financial laws and regulations such as the "Insurance Law," "Commercial Banking Law," "Securities Law," "Regulation on Credit Reporting Management," etc. Financial consumers and investors should obtain information through official websites of policy-making departments, national unified customer service hotlines of financial institutions and other formal channels, receive financial services through legitimate financial institutions and channels, avoid believing unofficial channel information, be wary of inducive marketing rhetoric, and avoid being deceived. 2. Beware of "agency rights protection" scams. Organizations or individuals claiming to provide "agency rights protection" are actually seeking to profit. If financial consumers and investors believe the false propaganda of these "agency rights protection" organizations and individuals, they may not only pay high service fees, but if they wish to withdraw midway, they may even end up in a lawsuit for "breach of contract." Furthermore, it is important to note that "agency rights protection" organizations and individuals are collecting personal important information such as mobile phone numbers, bank cards, loans, credit cards, insurance policies, home addresses, children's schools, and identity information from financial consumers and investors. Once this type of information is illegally sold or exploited, financial consumers and investors may face risks such as telecommunications fraud and credit card fraud. If financial consumers and investors encounter financial disputes, they can report them through the official channels announced by the financial institutions, report to the financial regulatory authorities, seek mediation through professional mediation organizations, or resolve them through litigation and arbitration in accordance with the law. 3. Protecting the integrity of the online space. Organizations and individuals engaged in false propaganda and "agency rights protection" activities such as "full insurance refund," "anti-collection," "debt optimization," "debt negotiation," "debt replacement," "credit whitening," "investment advisory refund," severely disrupt the order of the financial market and may violate relevant laws and regulations. If financial consumers and investors discover the aforementioned illegal problems in short videos and live broadcasts, they can report them to the website platform or to the financial regulatory, Cyberspace, and public security authorities, and the relevant units will handle them according to the law. In addition, the behavior of "agency rights protection" organizations and individuals inciting financial consumers and investors to provide false materials, maliciously evade debts, file false complaints against and report pressure to financial institutions, etc., if serious, may constitute criminal offenses. If financial consumers and investors find that organizations or individuals engaged in "agency rights protection" activities are suspected of using self-media platforms to engage in illegal activities, they should promptly complain, accuse or report to the financial regulatory authorities and public security authorities. This article is reproduced from the official website of the China Securities Regulatory Commission, edited by GMTEight: Jiang Yuanhua.