Lock Down Your Finance

Top Tips for Securing Your Mobile Banking Apps

With more and more of us using mobile banking apps – when a phone gets stolen so does your access to your bank account. A new technique known as ‘shoulder surfing’ is emerging in which criminals watch people entering their PIN and steal the phone and then have access to the mobile banking app.

• In London alone at least 250 phones are stolen every day, according to the Metropolitan Police.
  

• There’s also a 40% rise in “thefts from the person”, such as snatch thefts and pick-pocketing, according to the Office of National Statistics.

So how do you protect yourself?

Q: So, is it safe to use banking apps?

A: I would use it for day-today spending but not have my savings on an app.

Q: Perhaps best not to let people see you enter your PIN – but is there anything else you can do?

A:

• Easiest thing to do is have different PINs for the phone and accessing the apps.

• If your phone is stolen – keep the account number written down at home and the telephone number of the bank. If you phone is stolen, immediately call the bank up and block the account.

• There has been a problem with criminals stealing your phone and then locking you out of your own account – by changing the password - so you can’t access it to stop the account yourself. However, there is a partial fix for this, which is using an iPhone new feature called Stolen Device Protection.

Q: So what is the new Stolen Device Protection on iPhone and how does it work.

A: iPhones have come up with a new feature which I think is good.

With iOS 17.3 or later, you can use Stolen Device Protection to protect against the rare instance when someone has stolen your iPhone and knows your passcode.

It prevents the thief who has seen your passcode, stealing the phone and then changing it or changing you Apple ID – which effectively locks you out of your own account.

When Stolen Device Protection is turned on, more sensitive operations require a Security Delay: a successful Face ID or Touch ID, an hour wait, then an additional successful biometric authentication.

Security Delay helps prevent someone from making changes to settings that can lock you out of your iPhone or Apple ID account.

How To do It:

Turn on Stolen Device Protection

1. Go to Settings , then do one of the following:

• On an iPhone with Face ID: Tap Face ID & Passcode, then enter your passcode.

• On an iPhone with a Home button: Tap Touch ID & Passcode, then enter your passcode.

2. Scroll down and tap Stolen Device Protection.

Note: If you don’t see Stolen Device Protection, you may need to set up Face ID or Touch ID first.

3. Turn on Stolen Device Protection.

4. Do one of the following:

o Use Stolen Device Protection when you’re away from home or work: Tap Away from Familiar Locations.

o Use Stolen Device Protection everywhere: Tap Always.

An Extra Layer of Security

Another thing you can do is to ensure any texts you get – which might be an access code you are sent, aren’t seen by anyone looking over your shoulder. It’s a bit of a pain to use as it means you don’t see text details until you click the text itself, but it does stop others reading your chat – which you might want to keep hidden anyway.

How to Turn Off Message Previews

To turn off message previews, open Settings > Notifications > Messages > Show Previews and select Never or Off.

Q: Any other general advice?

HOW TO PROTECT YOUR FINANCIAL APPS

1. Different PINs

You should set up a different password for each account or service you sign up for - that way, if there’s a data breach and your password is revealed, criminals won't be able to access all of them.

2. Public WiFi

I don’t like using public WiFi for anything critical – so I tend not to use it for banking, as it can be easy to hack.

3. Bank Notifications

Many banks will text you every time there is a transaction. If you have that on and there is any suspicious transaction, you will be texted and will become aware of it immediately.

4. Public WiFi

I don’t like using public WiFi for anything critical – so I tend not to use it for banking, as it can be easy to hack.

5. Keep phones and cards separate

If I thief steals your phone and card – they can use the card. If the card provider sends a confirmation code to the phone, they can then enter that confirmation code on the retailer’s website. That makes the double verification, rather pointless.

6. Keep software up to date

The latest software should include the best security updates. You can also install phone anti-virus app.

For more tips follow on X @adamshawbiz