In Commerce City, Colorado, a lady named Rhiannon Pearson was shocked to discover she had been tricked during what she presumed was a simple bank inquiry. Much to her dismay, her bank now insists she must repay a loan fraudulently secured in her name.
Pearson received a shocking call from her bank informing her of a massive deposit in her account — a loan procured using her details. The call also alerted her to attempts to transfer money to other accounts via Zelle. She was instructed to return the money through three transfers, each amounting to $4,000.
Feeling suspicious, Pearson contacted her bank, Navy Federal Credit Union, on a separate line. Sadly, her instincts were spot on – she had been swindled and the money had already been drained from her account.
According to Pearson, the scammers already secured the loan using her details before reaching out to her. They made their call seem legitimate by disguising their number as Navy Federal Credit Union. Furthermore, Pearson’s records show an IP address from Atlanta was used to secure the loan, and approval was granted within minutes.
Regrettably, Pearson is now expected to repay the loan because she was the one to authorize the transfers. “They hack your accounts, take loans out in your name, and then you’re held responsible if you touch that money. And I had no idea,” Pearson stated.
Navy Federal Credit Union, while unable to comment on individual cases, did refer to resources on its website for avoiding scams and fraud. They reiterated their commitment to creating resources and materials to aid in fraud prevention and protection.
This is, unfortunately, not a single incident. Denver7 Investigates has previously reported similar scams involving banks; however, this is the first instance involving a scammer securing a loan under a victim’s name.
David Weber, a professor of forensic accounting at Salisbury University, feels banks are not taking enough responsibility. He argues that while financial institutions do possess technological solutions, they tend not to utilize them.
Weber also criticizes banks for exploiting a loophole in consumer protection laws, which allows them to shift responsibility to the consumer if the latter authorizes any fee transfers. “We need to stop victim blaming people and victim shaming people,” stressed Weber.
Pearson appealed the bank’s repayment decision twice and received an unexplained credit of $4,500 from the bank. However, she may be forced to declare bankruptcy if she cannot make the $400 monthly loan payments.
Denver7 Investigates has repetitively covered imposter scams and offers tips to protect yourself from such frauds. Remember, your bank or credit union will never ask for your PIN or password, have you transfer money or download troubleshooting software, or pressure or threaten you in any way.
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1. What if a fraudulent loan is taken out in my name?
In the event that a fraudulent loan is acquired in your name, immediately contact your bank to alert them. Ensure all interaction with your bank is documented, and consider getting legal advice on the matter. This can be a complex and stressful situation to navigate alone.
2. How can I protect myself from bank scams?
Ensuring vigilance is key in protecting yourself from bank scams. Never share your PIN or passwords, don’t transfer money at the behest of a suspicious call or email, and don’t download any software from unverified sources. If any bank request seems shady, contact your banking institution directly for confirmation.
3. What should I do if I suspect I have fallen victim to a scam?
If you suspect you’ve fallen victim to a scam, immediately contact your bank and report it to the police. It may also be helpful to report the incident to a fraud reporting service. This ensures measures will be taken to rectify the situation and that the necessary parties are alerted to prevent future occurrences.
