We depend on our cell phone for so many day-to-day tasks that go beyond communication. We keep track of our appointments, monitor our healthy lifestyle, and stay updated on breaking news. Additionally, our cell phones have become a hub for managing our finances.
- 51% of smartphone users had used mobile banking.
- 24% of smartphone users had made a mobile payment.
- 38% of mobile phone users had deposited a check using their phone.
Financial apps have made it faster and easier than ever to access your money on the go and view all your financial information right from the palm of your hand. But, what dangers could arise if you are one of the 5.2 million people who, in a year’s time, lose their smart phone or have their smart phones stolen? How can you protect your finances in the event that your cell phone ever goes missing?
Take Action Right Now
Before your phone is ever compromised, take these precautions to prevent strangers from accessing your phone or the programs and apps it holds.
Passcode Protection: 62% of smartphone owners don’t have a passcode set to protect their phone. You should always set your phone or mobile device to lock when it’s not in use and set a secure passcode or password for access to your phone. Some smartphones now let you take security even further and utilize your thumbprint or facial recognition to unlock your phone.
Activate Find My Phone: The Find My Phone feature on your smartphone allows you to quickly trace your phone’s location if it ends up missing. Your operating systems may also offer a Lost Mode. With this feature, you can send a message to your home screen asking anyone who finds your phone to call to you at a specified number.
If Your Smartphone is Lost
Quick action can be the difference between saving your financial information or months of headache if your accounts are accessed by a stranger. Take these actions as soon as you realize your phone is gone.
Contact Your Financial Institution: Let your credit union, credit card company, and lenders know your phone or device is missing and someone may have access to your account information. They can flag your account as “compromised,” freeze your accounts, or monitor suspicious activity.
Change Your Passwords: Use your desktop computer or another mobile device to reset the passwords for your online banking or payment tools. Also reset your email password. This way if someone uses the “Forgot My Password” feature on any financial app or website, they cannot access your email and reset your passwords themselves.
A Final Tip: Always log out of financial websites or apps before you close out of them. Keeping yourself logged in or enabling auto sign-in means that your information is easily accessible, even if you’re not the one holding your device.