I'm new owner of XC60 D4, 2014, I also had S40 but is new one for me.
Sometimes, when I'm listening to music, that "ALARM!" warning is displayed on the screen, and the music stops, radio switches to a random frequency.

Anyone?

Thanks
Pedja

 

2007 XC70 - does same thing. Message says "ALERT PRESS EXIT" after one or two very loud beeps. When it has happened, I was playing a CD, and the word ALERT was preceded by text from a radio preset, probably the one I listened to last.
Dealer can't explain; Volvo help desk can't either.

The alarm tone is loud, and, frankly...alarming!