Financial expert Martin Lewis has issued a stark warning to mobile banking users as phone thefts surge across the UK and shared mobile banking security tips. In a recent ITV broadcast, Lewis highlighted the alarming trend of thieves not just stealing devices but also draining victims’ bank accounts within minutes.
London alone has seen a 40% rise in phone thefts, with criminals targeting high-value handsets worth up to £1,400. However, the real danger lies in how easily thieves can access banking details once they have a stolen phone.
Lewis stressed: “They’re not just after your phone, they want your financial data. You must take steps to protect yourself.”
Five Essential Mobile Banking Security Tips
To help mobile banking users safeguard their finances, Lewis outlined five crucial mobile banking security tips:
1. Use Remote Tracking Apps
Apps like Apple’s Find My, Samsung’s Smart Things Find, and Google’s Find My Device allow users to track their stolen phone and remotely lock it. This can prevent criminals from accessing personal data and banking apps.
2. Activate Biometric Security
Using Face ID or fingerprint recognition adds an extra layer of security. Lewis also warned against using the same PIN for both the phone and banking apps, as criminals often use a technique called shoulder surfing to observe passcodes before stealing the phone.
3. Save Your IMEI Number
Dial #06# on your phone to retrieve the unique IMEI number, then take a screenshot and save it. If your phone is stolen, this number helps authorities track and block it. Lewis advised: “Email it to yourself so you always have a copy.”
4. Turn Off Preview Notifications
Many people receive one-time passcodes (OTPs) on their lock screen for banking transactions. If a thief steals your phone, they can see these codes and gain access to your bank account. Lewis urged: “Disable preview notifications in your settings. It’s one of the most important things you can do.”
5. Enable Extra Security Features
Smartphones have built-in protections that many users overlook. For example:
- iPhones have Stolen Device Protection, which requires biometric authentication to change key settings and includes a one-hour delay for security changes.
- Android devices have Theft Detection Lock, which locks the screen if the phone is moved suddenly.
Lewis warned: “Phone thieves are increasingly targeting bank details. This is a growing, dangerous issue—protect yourself now.”
Final Thoughts
As mobile banking becomes more common, criminals are finding new ways to exploit security weaknesses. Taking simple steps like using biometrics, disabling lock-screen previews, and enabling tracking features can make a huge difference. Stay vigilant and secure your phone before it’s too late.
