Five expert tips to stop thieves being able to use financial details stored on your phone

Around one in nine (11 per cent) people say they have been targeted by thieves for their mobile phones in the past five years, research from money insights provider Intuit Credit Karma found.

With mobile phones often being the main way people carry out their routine financial admin, some devices could be a treasure trove for thieves.

More than four-fifths (82 per cent) of smartphone users surveyed have at least one banking or financial app on their phone.

Nearly two-fifths (38 per cent) admit to storing sensitive information on their device, such as passwords and pin codes.

Despite crucial information being stored on phones, over a fifth (22 per cent) of people claim that if they lost access to their phone, they wouldn’t know their online banking logins.

Akansha Nath, general manager (international) at Intuit Credit Karma, says: “Experiencing mobile phone theft is a distressing situation which can be exacerbated if the perpetrator then uses the phone to access sensitive financial information.

“Therefore, safeguarding any banking information stored on your phone is crucial. While preventing phone theft isn’t always possible, there are measures you can implement to secure your sensitive banking information in these unfortunate situations.”

Here are Nath’s tips on how to keep financial information safe on your phone and stopping personal details becoming a goldmine for thieves:

1. Remember your passwords or add extra security

“It can be easy to just save your passwords to your ‘notes’ app, but it is also easy for a thief to access these notes when stealing your phone which then allows them to gain access to all of your online accounts, including your banking apps,” says Nath.

She suggests: “Try your best to remember your passwords and don’t keep them stored on your phone. If you struggle to remember these passwords consider using a reputable password manager application to securely store and manage your passwords.”

She adds: “Choose a password manager with features like two-factor authentication and strong encryption to enhance security further.”

2. Take care when using Wi-Fi and Bluetooth

Nath warns that hackers can exploit unsecured connections.

She suggests: “Stick to trusted networks and devices or use a virtual private network (VPN) when accessing sensitive information over public networks.”

3. Set up passcodes and biometric locks

“Always lock your phone with a passcode, pattern, or biometric authentication like fingerprint or facial recognition,” says Nath.

“This prevents unauthorised access to your device, reducing the risk of someone accessing your sensitive information if your phone is lost or stolen.”

4. Be mindful of your surroundings

Being aware of the physical situation you’re in – and the potential threats from your immediate location – can be as important as being mindful of the technology you’re using.

Nath says: “When using your phone in public, be aware of your surroundings and avoid displaying it unnecessarily.

“Keep your phone securely in your pocket, bag, or hand, and refrain from leaving it unattended on tables or countertops. Being vigilant can deter opportunistic thieves.”

5. Monitor your credit

Keeping up-to-date with your credit reports can help you to spot if someone has tried to use your financial details fraudulently, perhaps by taking out a loan in your name.

Credit monitoring tools will send you notifications if there are any changes in how you have used your credit.