Everyone has a cell phone these days.  Grandparents, teenagers, even grade school kids have a cell phone and all of them (or us) are potential victims of identity or financial theft.  Here are some statistics to emphasize why each family needs to put measures in place to protect their phones, the content accessible in your phones and your behaviors or habits you have when using your phones:

• 78% of people use their smart phones for mobile banking (PayPal, Venmo, Cash App).  These apps are increasingly being used as substitutes for traditional bank or credit card accounts.
• 51% of people use their smartphones for digital wallets (cashless payments) which increases the risk of financial theft.
• Thieves on electric bikes are known to snatch them out of pedestrian’s hands.
• Thieves have also been known to swipe phones off of restaurant tables or are good at pickpocketing them.
• My stepson lost $20,000 after selling his home when he left his bank application open on his phone overnight.
• Did you know that texts from banks are a scammers number one ruse?
• Another common tactic is if a stranger asks to use your phone (for whatever reason), do not do it.  You may never get your phone back!

Scammers and identity thieves are using more sophisticated tactics to access the information contained in your phones.  What is at risk is your banking information, crucial passwords, private photos and more.  In addition to thieves stealing your phone, there are mobile banking threats, social security scam threats and much more.  Here are some recommendations on how to minimize these threats:

• Practice surfing safely when outside the home.  Avoid mobile banking until you get home or download a VPN (Virtual Private Network) to hide your actual location.
• Set up and install apps that help you locate a lost or stolen phone.  Find My Device Android app or Apple’s ‘Find MY App’ can be used to remotely lock a phone or wipe it clean.
• To ensure that no one can use your phone use numeric passwords, or pattern passwords or biometric fingerprint or facial recognition to limit or prevent someone from unlocking your phone.
• Download a third-party security app to prevent malware, phishing, and viruses. McAfee, Norton, and Aura are all highly recommended security apps for your phone.
• Download software updates immediately when they become availability as they often include security patches.
• Disable Bluetooth when you do not actively need it.
• Periodically or automatically back up your phone to the cloud.
• Turn off messaging previews.  This prevents thieves from seeing reset or login codes when the phone is locked.
• Write down your phone’s IMEI (International Mobile Equipment Identity) serial number.  It is a unique 15-digit code that identifies your mobile device and can be found by dialing *#06#.

If your phone is stolen, here is what to do:

• Call your insurance company if you have a policy that covers the device.
• Inform your phone company so they can freeze your phone number.
• Notify your bank to watch out for suspicious transactions.
• As a last resort you can ask your phone provider to erase the phone remotely.

To protect yourself from mobile banking fraud, here are six best practice tips:

• Only download verified apps.  Google has a tool called Official google Play Protect. McAfee iPhone Security and Aura have tools for iPhone users.
• Turn on multi-factor authentication.  Sometimes a pain, but the benefits of multi-factor authentication are worth it.
• Use strong, unique passwords and never this password ‘Password.’
• Avoid using public wi-fi.
• Avoid emails (called phishing) and text messages (also called smishing) that say they are from your bank.
• Set up account alerts from your bank, so the bank helps you monitor unusual behavior or purchases.

With so many ways for your phone to be stolen or its contents hacked these days, it is critical that every family sets up precautions and use best practices to protect each and every family member’s phones.  Our website at https://family-preparedness.com has several tools to help you protect your family’s assets and their phones.  Check out two of our tiny courses on our Tiny Courses webpage.  The ‘How to Protect Your Family from the Next Disaster’ Tiny Course is free.  To access it, just provide us with a login name and a password.  Our Asset Protection Plan Tiny Course is another tool to help your family protect everything you own, and you can access it here for only $27.  Also, we have numerous blog posts addressing asset protection on our website and you can access them for free here.

As enjoyable and dependable our mobile devices are, they are vulnerable to many ruses, swindles and can easily be stolen or lost.  It is critical that you take steps to protect your phone, its contents, and its availability to what you own and who you are!