Martin Lewis has issued an urgent warning to anyone using mobile banking, following a 40% rise in phone thefts across the UK, particularly in London. As reported by The Independent, thieves are no longer just stealing phones—they are specifically targeting financial data, putting victims’ bank accounts at serious risk.
Lewis highlighted that criminals can use stolen devices to access banking apps, personal details, and sensitive financial information, potentially draining accounts before the victim has time to react. He urged mobile banking users to take immediate security precautions to protect their money.
Why Are Criminals Targeting Mobile Banking Users?
Phone thefts have become increasingly sophisticated, with thieves using stolen devices to bypass security settings and gain access to banking apps. Instead of merely selling stolen phones, criminals are harvesting financial data, making it easier to carry out fraud and identity theft.
Lewis explained the severity of the issue, warning:
“They are not just trying to nick your phone, they are trying to access your financial data.”
Once inside a victim’s phone, fraudsters can reset passwords, change security settings, and even reroute funds before the rightful owner has a chance to report the theft.
How to Protect Your Bank Accounts From Phone Thieves
To help prevent criminals from accessing mobile banking apps, Lewis advised users to take five key security steps. The most critical measures include:
- Enabling Face ID or fingerprint authentication for both the phone and all banking apps.
- Using different PIN codes for each banking app to prevent easy access if one code is compromised.
- Disabling autofill passwords on devices, so sensitive login details are not automatically entered.
- Activating remote lock and wipe features to erase phone data if stolen.
- Being cautious when using phones in public, as criminals often snatch them when users are distracted.
These precautions can help prevent criminals from easily accessing banking apps, even if they manage to steal a device.
Why This Warning Matters Now
The rise in mobile phone thefts across the UK has led to a spike in digital banking fraud, leaving victims struggling to recover lost funds. Cybercriminals are adapting to new security features, making it crucial for consumers to stay ahead of evolving threats.
By implementing Lewis’ recommended security measures, users can significantly reduce the risk of financial loss, ensuring that even if their phone is stolen, their money remains secure.
