Platform safety and smartphones

22225

Hello
Recently I gave got a bit worried about platforms and phones
 Basically, I understand that investing is for the long term. My investments are for about 20 years (LISA etc).

But I feel like platforms like dodl (yes I know it is owned by aj bell but still), will they really still be around in 20 years?

Also I access the platforms on my phone. If I end up having lots of money in there, and someone steals my phone I could lose my life savings. I feel like its safer with HL because they are very accessible on the phone and seem a bit more hands on.

Am i bring paranoid? Like if I say on dodl that I cant remember my password, and they send it to me on a text to my phone... but I suppose there is memorable info? 

Would you really have 100k investments on an app type platform? ? 

Having said that, I also think it's a bit strange that you are meant to invest for a long time eg 20 years but the actual funds/products (some of them) have not been around for 20 years themselves.

Am I worrying unnecessarily????

Thanks in advance.

masonic

I have deliberately not put investing apps on my phone because I really shouldn't need to use them while away from home and if I do there is always the website. If I am mugged, then I don't want juicy targets like that being available on my phone.

It seems you mean something different.

AJ Bell has been around for 20 years I think. The FSCS has too. There is no need to use any provider you don't feel comfortable with. Most of my assets are split between Halifax Sharedealing (iWeb) and HL at the moment. I don't lose any sleep over that.

ColdIron

22225 said:

Also I access the platforms on my phone. If I end up having lots of money in there, and someone steals my phone I could lose my life savings

In most cases all they could do (assuming they had your security details)  is sell your investments and then 3 days or so later transfer the cash to your nominated account

That said, I have never once felt I 'absolutely had to' access my investments on the bus or at work, or these days at the coffee shop or in Waitrose, so I don't bother with them

Eyeful

1. Are you using a password manager to generate strong passwords & store them?
2. Are you using 2FA on your accounts to help keep them safe?
If your answer to either of the above is no, why not?

3. If you are that worried about having investing apps on your phone, why are you still dong it?
You could do your investing via a PC at home.
4. You could always look into using investment trusts.
Some IT's have been around for over 100 years (not 20 years).

Anything to do with money has risk attached, its just the type and size of risk that changes!
If investing is causing you to much worry or sleepless nights, perhaps think of sticking to savings accounts.
That to also carries its own risk.

ToastLady

Make sure that text messages aren't shown when screen is locked. You should find it in settings/notifications/messages but you can always google for precise instructions for your phone.

wmb194

22225 said:

Hello
Recently I gave got a bit worried about platforms and phones
 Basically, I understand that investing is for the long term. My investments are for about 20 years (LISA etc).

But I feel like platforms like dodl (yes I know it is owned by aj bell but still), will they really still be around in 20 years?

Also I access the platforms on my phone. If I end up having lots of money in there, and someone steals my phone I could lose my life savings. I feel like its safer with HL because they are very accessible on the phone and seem a bit more hands on.

Am i bring paranoid? Like if I say on dodl that I cant remember my password, and they send it to me on a text to my phone... but I suppose there is memorable info? 

Would you really have 100k investments on an app type platform? ? 

Having said that, I also think it's a bit strange that you are meant to invest for a long time eg 20 years but the actual funds/products (some of them) have not been around for 20 years themselves.

Am I worrying unnecessarily????

Thanks in advance.

Do you have an iPad/Android tablet that you only use at home? If you're worried put the apps on that and take them off your phone.

I wouldn't worry about AJ Bell but over the decades stockbrokers and platforms have come and gone but usually your investments are either taken on by the acquiring firm or transferred to another broker/platform. 

ETFs have only proliferated in the last 25 years so they'll necessarily only have relatively short track records but if you want some that have been around forever look at investment trusts e.g., F&C IT launched in 1868. Funds, ETFs and ITs do sometimes sometimes close or merge with other funds, it's the just the nature of things.

https://www.ii.co.uk/analysis-commentary/ian-cowie-how-35-longest-running-trusts-have-fared-over-30-years-ii525320

Even just to minimise the risk of service outages, it's not a terrible idea to spread your portfolio of investments between a few brokers/platforms. Different brokers are often better and cheaper for different things.

jaypers

Make sure you have set a PIN on your SIM as well as your phone. Without this, anyone who steals your phone would be able to put a physical SIM into another device and have access to your number, allowing OTP requests and all sorts. This is often overlooked by people.

400ixl

I wouldn't be worried about the financial institute side of things. ISA's and LISA's are portable and like endowment policies that came before will move either by the investor or investee.

One of the other often overlooked security issue is the number of people using phones which are no longer getting security patch updates.

Another is not using PIN numbers for phone unlock or if you have to make sure they are long (8 digits). PINs are easily observed and the most common reason for theft. Using biometrics is far more secure.

If possible avoid any 2FA that uses SMS, its really not a good idea and thankfully most are moving away from it.

Albermarle

Using biometrics is far more secure.

Yes my Iphone only unlocks with face ID, and any secure apps the same. As I understand it phones are actually more secure than laptops ( as long as they have the latest security updates of course)
I understand that some Android phones with Face ID can be fooled with a photo, so best to stick to fingerprint recognition. 

Make sure that text messages aren't shown when screen is locked. You should find it in settings/notifications/messages but you can always google for precise instructions for your phone.

This is good advice as I think the default setting ( with iphones) is that you can see text messages even when the phone is locked. If you change the setting you just get a notification that you have a message, but no details.

Make sure you have set a PIN on your SIM as well as your phone. Without this, anyone who steals your phone would be able to put a physical SIM into another device and have access to your number, allowing OTP requests and all sorts. This is often overlooked by people.

That is a new one on me, so I am going to look into it. I think newer phones have 'e sims' so that will presumably be better in this respect. 

zagfles

Albermarle said:

Using biometrics is far more secure.

Yes my Iphone only unlocks with face ID, and any secure apps the same. As I understand it phones are actually more secure than laptops ( as long as they have the latest security updates of course)
I understand that some Android phones with Face ID can be fooled with a photo, so best to stick to fingerprint recognition. 

Make sure that text messages aren't shown when screen is locked. You should find it in settings/notifications/messages but you can always google for precise instructions for your phone.

This is good advice as I think the default setting ( with iphones) is that you can see text messages even when the phone is locked. If you change the setting you just get a notification that you have a message, but no details.

Make sure you have set a PIN on your SIM as well as your phone. Without this, anyone who steals your phone would be able to put a physical SIM into another device and have access to your number, allowing OTP requests and all sorts. This is often overlooked by people.

That is a new one on me, so I am going to look into it. I think newer phones have 'e sims' so that will presumably be better in this respect. 

Biometrics aren't that secure. What if you get drunk, or have your drink spiked etc, and someone holds your finger to the phone. Unlocks the phone, and probably gives access to banking apps, most banking apps on phones don't seem to use 2FA, just the fingerprint will do. 

Also you leave a copy of your fingerprints everywhere you go, after all crimes are solved that way. Your phone will have your fingerprints all over it. I'm sure it'd be possible to dust for fingerprints and 3-D print a partial finger with your fingerprint. 

No way I'd trust an app on a portable device which you can access with just one factor eg a fingerprint for anything serious. Or which uses a second factor which is really the same factor eg a text to the phone or an authenticator app which relies on just a fingerprint to access it. 

masonic

It is worth remembering that all device security fails when an assailant is willing to use force to get what they want from you. In that scenario it is advisable to be compliant. So it is worth giving some consideration to what your device will present to them if they force you to let them into it. Analogous to not walking around with a wallet stuffed with banknotes.