In a recent ITV broadcast, financial guru Martin Lewis issued a pressing warning about the risks of mobile banking security in light of soaring phone thefts across the UK. While devices themselves are valuable—some high-end models fetch up to £1,400—the real danger lies in the potential for criminals to access users’ bank accounts within minutes. With London alone witnessing a 40% surge in phone thefts, Lewis has urged Britons to take immediate action to protect their personal and financial data.
Lewis stressed that modern thieves are not just opportunists looking to sell stolen handsets; they’re targeting sensitive information like banking credentials. “They’re after more than your phone—they want your financial data,” he warned. To combat this growing threat, Lewis outlined five essential steps that mobile banking users must take to secure their finances.
Five Crucial Steps to Safeguard Your Finances
1. Use Remote Tracking Apps
One of the first lines of defence is enabling remote tracking apps on your device. Apple’s Find My, Samsung’s Smart Things Find, and Google’s Find My Device allow users to locate their stolen phones and remotely lock or erase them. This prevents criminals from accessing personal data, including banking apps.
2. Activate Biometric Security
Biometric authentication, such as Face ID or fingerprint recognition, adds an extra layer of protection. Lewis also advised against using the same PIN for both unlocking your phone and accessing banking apps. Criminals often use “shoulder surfing”—observing passcodes before stealing the phone—to gain quick access.
3. Save Your IMEI Number
Every phone has a unique IMEI number, which can be retrieved by dialling #06#. Taking a screenshot of this number and saving it (or emailing it to yourself) ensures you have a record if your phone is stolen. Authorities can use this number to track and block the device, rendering it useless to thieves.
4. Turn Off Preview Notifications
Many people receive one-time passcodes (OTPs) for banking transactions directly on their lock screens. If a thief steals your phone, these codes can provide instant access to your account. Lewis strongly recommended disabling preview notifications in your phone settings, calling it “one of the most important things you can do.”
5. Enable Extra Security Features
Modern smartphones come equipped with advanced security features that many users overlook. For instance, iPhones have Stolen Device Protection, which requires biometric authentication to change key settings and introduces a one-hour delay for certain security changes. Android devices offer Theft Detection Lock, which locks the screen if the phone is moved suddenly. These built-in tools can significantly reduce the risk of unauthorised access.
Mobile Banking Security – A Growing Threat!
As mobile banking becomes increasingly popular, criminals are devising new ways to exploit vulnerabilities. Lewis highlighted that phone thefts are no longer random acts but part of a calculated strategy to steal financial data. He warned: “This is a growing, dangerous issue—protect yourself now.”
The implications are clear: failing to secure your phone could lead to devastating financial losses. However, taking simple precautions like using biometrics, disabling lock-screen previews, and enabling tracking features can make all the difference. By staying vigilant and proactive, users can safeguard their devices—and their bank accounts—from opportunistic thieves.
Final Thoughts
With phone thefts on the rise and criminals becoming more sophisticated, protecting your mobile banking security has never been more critical. Martin Lewis’ advice serves as a timely reminder that prevention is better than cure. Don’t wait until it’s too late—secure your phone today and ensure your finances remain safe from harm.
