It is traditional in China and Hong Kong for people to exchange red envelopes - (“lucky money”) in Cantonese - on festive occasions and especially the Spring Festival, the biggest vacation of the year that falls on Monday, February 8 next month but lasts for around a week.
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He Huifeng is an award-winning journalist and has been focusing on mainland news reporting since 2001 for several overseas media.
Since then, hundreds of millions of Chinese, especially younger generations, scrabble on We Chat for as much digital cash as possible heading into the holiday by vying for the little red packets.
The money exchanged over this period is estimated to run into billions of yuan.
3) Fake account - Fraud Someone will suddenly add you from nowhere; they normally look elegant, rich and classy; have a decent conversation for days or weeks.
After a while they will claim a cash problem, surgery, cancer and ask for money.... 4) Commission buying - Fraud The fraudster will claim to be a seller of certain goods from overseas at a discount price or special offer, afterward, goods got caught by the customs and you need to pay the custom duty, otherwise both of you are in trouble, after you pay... 5) Trojans Fraud Some Wechat shops (Wechat accounts selling goods online) might send you a QR code to pay for a product, when scanning the QR code it will download a Trojan file (Virus) into your mobile that will steal your Wechat account name and password and send it to a third party who will control your account later. Some commercial online shops will ask you to give them a 'Like'.
I saw many expats freaking out when Wechat asks them to link a bank card when joining a We Chat group, here's the deal: We Chat supports payment and money transfer. As of March 2016, We Chat Payment has over 300 million users worldwide.
To put this into perspective, Paypal, the largest online payment service outside China has 173 million users by the end of 2015.
8) Public-Account look-alike Fraud: The fraudster will register a Wechat account with a name similar to one public account, something like "Social Welfare Query" , then start sending you updates regarding social Welfare, one day they ask you to make an urgent payment otherwise your social welfare will be degraded or expired..it? While searching for people around, you find a hot girl or a someone wants to learn your foreign language, they claim to be single, you go together for a date or you get caught in the bedroom by the police or husband (The Fraudster friend) and ask you for money.
In lighter versions you exchange photos with the fraudster who later ask for money in return for not making you a nude star.
Other contacts can monitor their progress to see how many envelopes they garner, adding an element of fun and competition. We Chat is operated by social and gaming giant Tencent while Alipay is a third-party online payment platform run by e-commerce giant Alibaba Group.