Friend Got Scammed, Is Now On The Hook For $9000+

over the weekend, my friend was scammed. a man used the story of coming in from out of town and not having his wallet, so just wanted to use my friends phone to get into his own account to transfer money over. unfortunately, it turned out to be wrong place wrong time because my friend was already stressed out of his mind because of our finals he was heading to, and the guy twisted his arm into giving him his phone. in the less than 5 minutes he had his phone, the guy took out a personal loan using my friends information and sent thousands of it to himself via Cashapp. immediately knowing something was wrong about the interaction, my friend called his bank (Navy Federal) to explain what happened. they told him to call first thing monday morning (today) to get in touch with security, and locked his account so nothing would go in or out. he reported the cashapp account and reported the transaction (both were immediately flagged bc of how much money was sent), and had to wait. this morning, he finally gets in touch with security and they tell him there is nothing they can do because it’s “personal liability” and because he “allowed it to happen.” he is now going to have to take on an extra $150 expense every month for the foreseeable future, and simply CANNOT afford to pay this back. is there anything that can be done? i’ve already recommended that he report it to the cops, but im so worried for him about the money and he doesn’t know what to do. (if this isn’t the right place to ask, please tell me where to go instead)