How To Protect Your Banking App If Your Phone Is Stolen

Just the thought of losing your phone is stressful enough; now imagine losing it; even more stressful is that we run all our banking apps on it. If your phone gets stolen, your financial security can be at risk if you don't take the proper steps. This guide will explain how to secure your accounts and minimize risks. We'll include step-by-step instructions for protecting your banking apps if your phone gets stolen. Stick around till the end for some tips to prevent future issues.

Since this is one of those "emergency" situations, taking these steps immediately is essential. Every second counts here because you want to stop any unauthorized transactions:

If you're sure you won't get your phone back anytime soon or in this lifetime, the first step is to lock it remotely. It doesn't matter if you have an Android or an iPhone. There's no debate on which phone is better for this situation; both have features that allow you to find and lock your device. Use the "Find My Device" feature for Android, and for iPhone, use "Find My iPhone." These tools can help you lock the phone, making it harder for thieves to access your apps and data.

Next, log out of your banking app on your stolen phone. If your bank allows it, access your account from another device and click the "log out from all devices" option. This will prevent anyone from accessing your banking information if a thief wants to open the "important" apps. Some banks even allow you to restrict access to your accounts through their website or customer service.

The final immediate action is to report the theft. Ideally, the authorities are responsible for dealing with these sorts of crimes. But before that, to your bank. They'll immediately freeze your accounts if you can't log out from the stolen device. They will also be able to alert you if any suspicious activity happens. Don't forget to call your phone carrier to block the physical SIM card.

At last, you must report this to the local police department. They will start tracking the phone. The thief now can’t use your banking apps, can’t use the phone to call or use data, can’t even access the phone since you locked it, and is getting chased down by the police. He might be regretting his decision already.

Here is a list of some precautions to avoid security concerns if this happens.

One of the best ways to protect your banking app is by enabling strong security features. Two-factor authentication (or 2FA) requires another identification form and a password, such as an email code or SMS to your phone. Most banking apps use biometric login forms, including fingerprints or face recognition. Enable these from the settings. These logins are very hard for thieves to bypass, so using these security measures ensures that thieves encounter multiple barriers if they try to access your account.

Another critical step in protecting your banking app is avoiding saving passwords on your phone. Although convenient, storing passwords in your phone's auto-fill system or notes can make your information vulnerable if your phone is lost or stolen. You can use a password manager, which encrypts your passwords, making it much safer to access them when needed. Or you can write them down in a notepad, your "password manager."

Update your apps and operating system (OS) as soon as they're available to ensure the safety of your banking apps and phone. Not updating this software usually means you aren't updated on recent security measures. Since hackers exploit known weaknesses in outdated systems, you leave your phone open to attacks. That's why app (and OS) developers regularly release security patches. So they can fix these vulnerabilities. Constantly updating your app makes your phone as secure as possible against these threats.

Congrats—you’ve recovered your phone in this lifetime, a rare occurrence! First, you should change all your “important app” passwords. Start with your banking app, then move on to your email, and so on. Remember… unique, strong passwords so no one can access your accounts in a million years.

After updating your passwords, check for suspicious activity on your phone, such as unauthorized activities. If you notice anything unusual, report it to your bank immediately. If you notice other malicious activities, like stuff on your phone you didn’t have before, contact authorities if it’s serious information.