9 ways to protect your savings from smartphone thieves

Top tips to protect your data and banking apps in case your phone’s ever stolen

These days we use our phones for so much more than just calling and texting. 

If your phone falls into the wrong hands, sophisticated crooks could access your banking apps, reset your passwords, and go on a spending spree. So what can you do to protect yourself?

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Keep your phone security updated

Make the most of the security features your phone provider is offering. 

For example, if you’ve got an iPhone, you can install Apple’s ‘stolen device protection’ which captures the device’s usual location. 

It means if your phone is stolen and the thief attempts to change your passwords, use payments saved in Safari, view or set up a new Apple card somewhere unfamiliar, they will be unable to without further checks such as your fingerprint or Face ID.

To turn it on:

• Go to Settings, then tap Face ID & Passcode
• Enter your device passcode
• Tap Stolen Device Protection, then turn Stolen Device Protection on or off.

It also places a delay on actions, like changing the phone’s password or removing Face ID, to give you more time to report as stolen. 

You’ll need to have an iPhone with at least iOS 17.3.

On Android phones, Find My Device, allows you to locate and secure your lost device and erase data, if need be. It’s available on Android 5+ devices.

Google has also announced a number of new security measures to protect your phone if it’s lost or stolen, set to be introduced this year. 

This includes an automatic feature that locks your screen if it senses the motion of your phone being snatched and someone running, cycling or driving away with it. It’ll also introduce a ‘private space’ feature which allows you to set up a dedicated area on your phone that’s hidden and protected by a separate PIN.

Another feature, Remote Lock, will let you lock your screen using your phone number from any device, once you’ve passed a security check.

Google says these measures should be available on Android 10+ through a Google Play services update later in the year.

Power-up your passwords….

Your email holds the key to many of your accounts – and if someone manages to get access to it they may be able to reset your passwords. Ideally, you want unique passwords to your email and other personal accounts that are at least 14 characters long and include a mix of special characters, capital letters and numbers. 

Martin Lauer from cybersecurity firm, The One Point, suggests jumbling up song lyrics or unique slogans, to make them both strong and memorable.

He recommends avoiding bad passwords such as ‘Admin1’ or ‘Password1’ and says names and birthdays should also not be used. 

Double up and use biometrics, such as your fingerprint, in addition to a password, for stronger security. 

….but don’t store them on your phone

This tip is from Be Clever With Your Cash reader, Andrew Merrit, who recently shared his horrifying story of being pickpocketed. A crook stole his phone, moved £30,000 between his account, took out a £15,000 loan and stole £20,000 from his savings.

Andrew no longer stores his account names and passwords in Apple’s keychain because if a thief manages to get your passcode to access your phone (say by looking over your shoulder when you open your phone in a public place) they can then access all of password-protected accounts. 

Instead, Andrew now uses the free Microsoft Authenticator app.

Protect your SIM card

You can lock your SIM card with a PIN to stop someone putting it in another device to receive messages, including two-factor authentication codes, to allow them access to your accounts.

For iPhones:

• Go to Settings – Mobile – SIM PIN
• Turn on your SIM PIN

If you’re asked to enter your SIM PIN, do. If you’ve never used one, enter the default one from your network provider. If you don’t know it, give them a call.

For Android:

• Go to Settings – Connection – SIM Manager

Turn off message previews 

If you’ve got message previews on your phone, it means anyone can see the first few lines of a text or WhatsApp message, without needing to unlock it. 

So if your phone is stolen and you are trying to reset passwords remotely, the thief will be able to see any authentication codes that are sent to your phone without needing the passcode. It’s a good idea to switch these off for an extra layer of protection.

Don’t keep your ID with your phone

While phone cases that include space for your bank cards and driving licence seem really handy, it can be a nightmare if the whole thing is stolen. When Andrew’s phone was stolen the thief also took his driving licence, which may have helped him apply for the loans.

Check out this article for more of the changes Andrew has made to protect his phone.

Consider whether you need all your banking apps

Yes, having banking apps on your smartphone is convenient, but do you need access to them all the time? Or could you keep your main account on your phone and have the rest on another device that’s kept safe at home?

Know your IMEI/MEID number

Martin says it’s crucial to make a note of this number as if your phone is stolen, it’ll help your network track it down. He says: “This number is unique to your device and can be found in your settings under About Phone.”

If you’ve got an Android phone, dial *#06# for the IMEI number.

Martin also suggests enabling a tracking system with GPS locating turned on to maximise the chance of retrieval. For example, Apple has Find My iPhone or Mr Lauer suggests a location tracker app, such as Life360.

Backup your data

Within your settings, enable your cloud automatic backup; your device will then back up regularly to a safe storage unit in the cloud. If your phone is stolen, you can still access your data and photos remotely.