Digital Heists
- BetterAskAdam.com
- May 20, 2024
- 3 min read
The Rising Threat of Money Theft via Mobile Banking
Phone thefts are soaring and now that we put banking and credit card apps on them, that's like walking round with all your savings in your pocket and having them nicked. So how bad is the problem and what can you do to protect yourself?
Q: How bad is the problem?
A: There were 79,000 thefts from people in October to December last year. That was a 63,000 from the previous quarter. That was a rise of 25%
Metropolitan Police data claims that from those who have reported phone crimes , a phone is stolen every 10 minutes in the city. There was a 33 per cent increase in reported mobile phone theft from the person in the year to January 2024.
Losses from mobile banking fraud increased by 17 per cent to £18.7mn in the first six months of 2023, the highest recorded total, according to banking trade body UK Finance. The number of cases also hit a new record, increasing by 32 per cent, with average losses per customer of £2,314.
Q: Is my phone safe because there is a PIN to open it?
A: If your phone is stolen, you might think that this is upsetting but since it is locked – you have only lost the phone not everything in it – as no one knows your pin. But criminals can be watching you use your PIN to open the phone and having noted that down – then steal the phone. They then access the phone, open your bank account and take thousands of pounds out within minutes.
Q: What do I do to protect my PIN?
A: The easiest and most importan t thing is is to use a different PIN to open your phone and to open your banking app - that way if someone sees you opening the phone they still won't know your bank PIN.
Q: What internal security systems are there that the phone can use and I can turn on?
A: Apple’s latest iOS update rolled out Stolen Device Protection which helps prevent thieves who know your passcode from making critical changes, such as changing your Apple ID password. If your iPhone is away from a familiar location such as your home or workplace, a delay of one hour will apply before changes can be made. Plus, biometric authentication will be needed to access stored passwords and credit cards with no passcode fallback. However, you need to activate this and have location services switched on for it to work.
Find out how to do it here
Q: How do I stop a thief seeing my verification code if I am using 2-factor authentication?
A: Here's a tip I got from Which? - To stop any verification codes showing up when your phone is locked, go to ‘Settings’ on your phone. If you have an iPhone, head to ‘Messages’, select ‘Notifications’, then ‘Show Previews’ and choose either ‘When Unlocked’ or ‘Never’. Android users should select ‘Lock Screen’, 'Notifications', then select the ‘Don’t Show Notifications’ option.
Q: Are there antivirus systems for phones in the way there is for PCs?
A: Yes - Which? says "We know, based on our tests, that a good third-party mobile antivirus program is better than your phone's built-in defences at detecting phishing sites."
You can see their guide to phone anti-virus software here
Updating the operating system to the latest version - also maintains the most current level of protection.
Q: Using Public Wifi - is it safe?
A: A Tonight. oprogramme for ITV I did, showed people how easy it was for us to hack their computers while they were using a wifi system we were providing. So I wouldn't use public wifi for any personal data.
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