Man Forced To Pay Bank Loan He Didn’t Take Because Of His Stolen Phone

A Russian man is suing a bank for forcing him to pay a loan he never took after fraudsters, under his name, took out a pre-approved loan, using his stolen phone.

The victim is Vladimir Volokhovich, a Moscow resident. He has been making headlines in Russia after being caught in an unusual incident. Volokhovich is being asked to pay a pre-approved loan at the Alpha Bank (Russian branch). But the problem is Volokhovich never signed up for the loan. Instead, fraudsters did, with his stolen smartphone.

The scammers not only managed to transfer to their accounts part of the funds, the interest on the loan that Volokhovich never asked for keeps adding up every day. However, the bank didn’t agree to cancel the loan, saying that Vladimir should have reported that his smartphone had been stolen.

The loan is in the amount of around $20,000, issued only with a simple electronic signature. The scammers managed to withdraw around $1,900 before all transfers were blocked by the back. The problem here is the interest of the loan is extremely high. If you pay back the loan within five years, the interest is $4,000.

Vladimir submitted to the bank an application to ask them to cancel the loan since he was the scammers’ victim. However, the bank rejected it.

In an interview, Volokhovich also criticized how the bank easily approved the loan electronically. All the scammers had to do was register for a pre-approved loan and used an electronic signature which was an SMS code to confirm.

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