Users warned over new 'cashback' apps

The Vietnam Competition and Consumer Protection Authority (VCCA) has issued a warning over cashback apps which lack transparency and showed signs of illegal multi-level marketing.

 
     

Users warned over new 'cashback' apps
Some cashback apps lacked transparency and were risky to users. — File Photo

 
 
 VCCA said that cashbank was an emerging model of business-to-consumer e-commerce and used as a way to attract customers.

Some e-commerce websites and apps were offering cashback with attractive rates from 80 per cent to 100 per cent, even higher, for each transaction. Some gave attractive commissions for those inviting new participants.

Such attractive offers would be in the form of earning reward points which could be redeemed for cash at very low rates, however.

VCCA also pointed out that cashback could be in the form of cryptocurrencies, such as GEM, CPB, Silling, USDT, ETH, ONE and VNDC which could be exchanged within the internal system.

 

These cryptocurrencies had not been recognised by laws as intermediaries for payment and users would not be protected by law in case of disputes, VCCA said.

For example, the My Aladdinz app claimed to be member of one of the largest companies in the world with a development history of 27 years. The app offered cashback at rates of up to 80 per cent. However, users must use Vietnamese dong to buy the platform’s currency named GEM for transactions and the cashback was also in GEM. On this platform, GEM could be converted into another cryptocurrency named USDT and vice versa as an investment for profit.

Other platforms named in the warning by the VCCA included Payback VN and Tailoc888.

VCCA urged people not to participate in these cashback websites and apps.

Multi-level marketing businesses must comply with the Government’s Decree No 40/2018/ND-CP. — VNS

 
 

Other News

.
17th CAEXPO to benefit China-Vietnam cooperation
17th CAEXPO to benefit China-Vietnam cooperation
BUSINESSicon  23/11/2020 

China and Vietnam are friendly neighbors connected by mountains and rivers, and have achieved fruitful results in the sustained economic and trade cooperation. 

More M&A deals in the banking sector next year: local media
More M&A deals in the banking sector next year: local media
BUSINESSicon  23/11/2020 

Vietnam’s equity market may witness big merger and acquisition (M&A) deals in 2021 as local banks are trying to lure foreign capital on the country’s participation in international trade deals.

Office rental rates to fall by end of year: experts
Office rental rates to fall by end of year: experts
BUSINESSicon  23/11/2020 

Office rental rates will continue to drop while supply will be in the non-central business district areas in HCM City in the coming time, according to property research companies.

'Ghost' restaurants flourish in Ho Chi Minh City
'Ghost' restaurants flourish in Ho Chi Minh City
BUSINESSicon  23/11/2020 

Without tables, chairs or waiters, "ghost" restaurants are flourishing in Vietnam, serving only online customers.

When private businesses get stronger
When private businesses get stronger
FEATUREicon  23/11/2020 

The private sector is very active in key sectors of the economy. If there is a "push", they will become an important force with other economic sectors to take the country forward.

Coastal industrial zones attractive to investors
Coastal industrial zones attractive to investors
BUSINESSicon  23/11/2020 

Vietnam’s industrial zones property located near the sea is attracting great attention to investors as they maintain high occupancy rates and rental prices, heard attendants at a conference held in Hanoi on Thursday.

Smarter logistics will benefit Vietnam: experts
Smarter logistics will benefit Vietnam: experts
BUSINESSicon  23/11/2020 

Smarter logistics are key for Vietnam to advance in the global value chain amid the fourth industrial revolution and the COVID-19 pandemic, experts told the Vietnam Business Summit 2020 held in Hanoi recently.

HCMC real estate market poised to recover next year
HCMC real estate market poised to recover next year
BUSINESSicon  23/11/2020 

The real estate market in HCMC has seen signs of recovery since August and is expected to see a strong rebound during the upcoming traditional Lunar New Year holiday and next year, according to the HCMC Real Estate Association (HoREA).

Vietnamese firms to invest in three key aspects for digital transformation
Vietnamese firms to invest in three key aspects for digital transformation
BUSINESSicon  23/11/2020 

Many companies in Vietnam are considering an approach to workplace digital optimization beyond Covid-19.

Louis Vuitton, Christian Dior join Hanoi luxury market
Louis Vuitton, Christian Dior join Hanoi luxury market
BUSINESSicon  23/11/2020 

Leasing flagship stores of Louis Vuitton and Christian Dior show stronger sentiment towards luxury brands in Vietnam.

Thousands of Mercedes-Benz recalled in Vietnam over defective airbags
Thousands of Mercedes-Benz recalled in Vietnam over defective airbags
BUSINESSicon  22/11/2020 

Some 3,200 Mercedes-Benz cars in Vietnam have been found to have problems with Takata airbags, according to the Vietnam Register.

Binh Dinh-based Phu Cat airport proposed to become international one
Binh Dinh-based Phu Cat airport proposed to become international one
BUSINESSicon  22/11/2020 

The Binh Dinh government has written to the Ministry of Transport and the Civil Aviation Authority of Vietnam proposing turning Phu Cat Airport into Phu Cat International Airport.

Vietnam, Oman to foster bilateral trade
Vietnam, Oman to foster bilateral trade
BUSINESSicon  22/11/2020 

The two-way trade turnover increased sharply from US$117 million in 2017 to US$200 million in 2019.

Ministry working to promote growth of support industries
Ministry working to promote growth of support industries
BUSINESSicon  22/11/2020 

The Ministry of Industry and Trade (MoIT) has introduced a range of measures to boost the growth of support industries in a bid to promote the engagement of local companies in production chains.

What does the 'rescue' of Vietnam Airlines reveal?
What does the 'rescue' of Vietnam Airlines reveal?
FEATUREicon  22/11/2020 

The national airline of Vietnam finally saw "the light at the end of the tunnel" when the National Assembly agreed with the Government's proposal for solutions to help Vietnam Airlines overcome difficulties caused by the Covid-19 pandemic.

HCMC’s US$12.7 billion property debt at risk of turning sour
HCMC’s US$12.7 billion property debt at risk of turning sour
BUSINESSicon  24/11/2020 

Although real estate outstanding loans are still within the safety zone, the HCMC Real Estate Association (HoREA) has warned of a possibility that they might turn sour.

New direction for Vietnamese enterprises post-Covid-19
New direction for Vietnamese enterprises post-Covid-19
BUSINESSicon  23/11/2020 

Many enterprises are now mapping out short-term business strategies of up to three years, given growing global uncertainties.

Electronics industrial clusters to be piloted
Electronics industrial clusters to be piloted
BUSINESSicon  22/11/2020 

The Ministry of Planning and Investment has instructed localities to review and report on the development of industrial zones with investment projects in the electronics industry with a scale starting from US$20 million.

VIETNAM BUSINESS NEWS HEADLINES NOVEMBER 23
VIETNAM BUSINESS NEWS HEADLINES NOVEMBER 23
BUSINESSicon  23/11/2020 

Businesses in support industries growing in quantity, quality

Real estate inventories see decline: ministry
Real estate inventories see decline: ministry
BUSINESSicon  22/11/2020 

Inventories in the real estate market have been on the decrease thanks to increasing liquidity, according to the Ministry of Construction (MoC).

 
 
 
Leave your comment on an article

OR QUICK LOGIN