Consumer complaint received 2021-09-24
Company: MoneyLion Inc.
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Incorrect information on your report
Sub-issue: Information belongs to someone else

Complaint:
MoneyLion Inc . 
XXXX XXXX XXXX XXXX XXXX, FL XXXX XXXX XXXX, NY, XXXX Re : MoneyLion XXXX XXXX Allowed Internet Scammer to Open Line of In My Name Credit Without Proper Identification Fraud Report Reference # XXXX To whom this may concern : I received a call from my bank, XXXX XXXX XXXX , on Monday, XX/XX/2021, at XXXX, warning me that there was some fraudulent activity occurring on my account. It turns out that MoneyLion XXXX has allowed an internet scammer to apply online for a Credit Builder Plus Loan in my name with my personal info, my banking info, and my social security number, but did not require the scammer to verify their identity. The opening of personal loans should have at the very least required a copy of a scanned photo I.D., front and back, from the [ scamming ] applicant, and it emailed or texted to MoneyLion XXXX for verification. There are obviously no consumer protections in place for MoneyLion XXXX online loan service, Credit Builder Plus, to verify an applicants identity. One of the greatest enemies we have to fear while trying to conduct financial transactions online is internet hackers, fraudsters, and scammers. How can MoneyLion XXXX be that ignorant and oblivious to this fact and not have systems in place to protect consumers from internet fraud? 
I spoke to MoneyLion XXXX Representative, XXXX, on XX/XX/2021, at XXXX, minutes after my bank called me notifying me of fraudulent activity and reported that my personal bank account was compromised and a fraudulent MoneyLion XXXX loan had been set up in my name. I told XXXX that some internet scammer had stolen my personal information and set up this account. MoneyLion XXXX parent company paid out {$970.00} to this INTERNET SCAM ARTIST! And, although MoneyLion XXXX Representative, XXXX, told me he had placed a fraud alert on this fraudulent account closed it, MoneyLion XXXX is still taking money out of my account! I spent nearly two hours on the phone with MoneyLion Instacash Representative, XXXX, filing my complaint on Monday, XX/XX/2021, and as of today, Friday, XX/XX/2021, my personal account was hit with a {$9.00} membership fee. This was four whole days after I filed a fraud report with Money Lion XXXX. MoneyLion XXXX would not provide an account number or the loan amount so that I could report this matter to law enforcement and other agencies and bureaus. I have absolutely no account information to refer to. 
I was on the phone this morning, Friday, XX/XX/2021, for almost an hour trying to reach a supervisor to have this account frozen due to fraud, which was reported by me and supposedly frozen by XXXX on Monday, XX/XX/2021. Representative, XXXX, sent me an email confirming the fraud investigation review. She also provided me with a reference number for my request for a fraud investigation, where MoneyLion XXXX Representative, XXXX, had neglected to provide me with the number. I finally received the email from XXXX today, Friday, XX/XX/2021, that includes the words We've got your back when it comes to protecting your personal information. Thank you for reporting an unauthorized XXXX account. Weve closed the account and secured your personal information. Your safety is our top priority, and well continue to work hard to protect you from fraud. Thats quite comical and MoneyLion Instacash, no, you DO NOT have my back as you didnt do what was necessary to protect me as a consumerif you did nobody would have been able to take out a loan in my name without you requesting a copy of a drivers license or I.D . card! The email also states, We encourage you to learn about how to prevent unauthorized account access. Well, I encourage you to not allow fraudsters to open lines of credit without requiring a photo I.D.!!! And, I should have received this email on Monday, XX/XX/2021, when I first reported the fraudulent loan. 
Chasing MoneyLion XXXX down all week long, on the phone for hours with my bank, XXXX XXXX XXXX, calling credit bureaus to place fraud alerts on my credit report ( s ), writing countless emails and text messages to all involved, trying to resolve this situation and recover my stolen funds is taking time away from my work schedule, my school schedule, and time with my father who is in the hospital recovering from COVID-19. Yet, this matter is still unresolved. Still, I have to wait 57 business days to hear back from your dedicated fraud unit, but it took only minutes for a fraudster to set up a loan in my name without properly being identified by MoneyLion XXXX XXXX. 
I did not apply for any loan with MoneyLion XXXX, and you need to give me my money back for a loan you granted to some internet scammer now under false pretenses. In fact, I never even heard of MoneyLion until you allowed my identify to be used without verifying it. Allowing someone to establish a cash loan online without any proof of their identity is complete negligence. MoneyLion XXXX website states, With us, you can cover todays expenses while you build credit and save. All with no hard credit check. Instead, we will conduct a soft credit pull that will have no impact to your credit score. You also do it all with no identify verification, leaving the door wide open for scammers and fraudsters. How stupid is that?

I am going to get to the bottom of MoneyLion XXXX reckless business practices and make them more publicly known even if I have to do it in civil court. I have filed a complaint with the Consumer Financial Protection Bureau and the XXXX  XXXX  XXXX  ( XXXX ) of which MoneyLion Instacash profile is rife with complaints about how MoneyLion XXXX are doing business in the online financial community. I will not be another victim to MoneyLion XXXX shoddy and sloppy business practices. 
Shut off this fraudulent account and give me my money back! 
Infuriated, XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation