YETUNDE Adewole lost her phone in June. She got a replacement weeks later, including a new SIM card and everything went back to normal.
She didn’t give a thought to the missing phone or the SIM card until rumours started flying around in July.

Yetunde owed money. An online loan fintech company was sending WhatsApp and text messages to everyone in Yetunde’s inner circle that she was a debtor and fraudster.

Her close friends, former schoolmates, and work colleagues received these messages, three or four times daily.


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“I tried explaining to everyone on my contact list, whom I could get in touch with, that I didn’t take any loan from the online loan company and it has not been easy trying to clear my name for something I didn’t do.

“It was a really traumatic experience. My biggest regret was failing to block the line when my phone went missing,” she told The ICIR.

Yetunde had never taken a loan from an online loan app, but she failed to block her SIM card after her phone went missing.

A WhatsApp message from one of the fintech companies, with Yetunde’s picture alongside.
If a missing phone fell into the hands of a scammer, transaction could be done on the account of the phone owner without his or her knowledge.

All the scammer who picked up Yetunde’s SIM card needed to do was, download the online loan app, enter a fictitious financial detail, and let the algorithm generate a credit rating.

The fintech creditor usually asks for permission to access the contacts on the SIM card before the loan is approved, a process that takes barely an hour.

READ MORE HERE: https://www.icirnigeria.org/nigerian-lending-apps-that-shames-threatens-customers-for-late-payment-of-loans/

heartbreaking experience!!!

get your social iD that protects you from the above and opens you to so much benefits.