Financial apps on your phone

clairec666

If anyone gets hold of my phone they could in theory get hold of a couple of grand, spread between a few different providers.

The majority of my savings are in an ISA with a provider whose app I haven't installed. Intentionally.

I briefly had a very large sum of money in my current account while I was buying a property and was accumulating the balance in one place before tranaferring to the solicitors. Unlikely that I'd be unfortunate enough to be targeted by thieves in that precise 2-hour window, but still I couldn't relax until it was all transferred safely.

EDIT: having now read the article, it appears that the attackers had knowledge that the victim had a large balance in crypto. I've never used crypto, so hopefully makes me a less likely target.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82156606#Comment_82156606

Personally my carry-about phone has the apps for the banks whose cards I'm also carrying and not much else financial.

Same here - I have apps for two credit cards and two current accounts, one with an attached savings account. I am happy enough with that, I just have never been that keen to have the apps for my major cash savings ( some do not have apps anyway) S&S ISA or three pensions. I used to have, but decided to delete them.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82156643#Comment_82156643

: having now read the article, it appears that the attackers had knowledge that the victim had a large balance in crypto. I've never used crypto, so hopefully makes me a less likely target.

It should make you a less likely target. Also I think the person attacked lived in a large house in a posh part of Solihull and the thieves stole some Rolex watches. Probably had a couple of flash cars outside as well, so generally drawing attention of the wrong sort of person.

vacheron

I have all my apps on my phone. It's simply too convenient and would take too long to check them all and log in through all of the PC security hoops otherwise.

Someone can take anything with the threat of violence against you or your family. If they are in your house, I don't think accessing your PC to log on will result in a much different scenario.

My big question when I saw this news clip on the news today was, how did the thieives know that he had hundreds of thousands of pounds in a crypto wallet in the first place?

I think discretion in not advertising your assets is a good first step and more important than how your banking services are accessed.

arfster

https://forums.moneysavingexpert.com/discussion/comment/82156796#Comment_82156796

It's usually leaks from the crypto exchanges. Alternatively, in France from the tax authorities.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82156684#Comment_82156684

I noted the bit about the Rolexes, but didn't want to say anything judgemental about them being flashy rich people 😁

GeoffTF

There are about 80 million mobile phones in use in the UK, and about 80,000 phone thefts per year. That is one in a thousand chance per year. Some put themselves more at risk and some less at risk. The chance of a house being broken into in one year is about 1 in a hundred. Your house can be more or less at risk than the average. High security reduces the chance by a factor of 2 to 3. Mobile phones are not necessarily more at risk than laptops locked away at home. If you follow all the standard security guidance, your risk should be very low either way.

There have been cases where people have been forced to give access to their accounts, but they are so rare that they make the news. Decoy accounts are the best protection if you have large investments. One possibility is to put your bank accounts on your mobile phone, and your investment accounts on another well hidden device. Hopefully, they will believe that the bank accounts are all that you have. Wear cheap clothes and drive an old banger.

artyboy

https://forums.moneysavingexpert.com/discussion/comment/82156684#Comment_82156684

My daughter's 8 year old Corsa parked on my drive should help me sleep well tonight…

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82156911#Comment_82156911

I don't believe the 80,000 figure can be correct. London alone accounts for 70k to 80k annually with a large percentage of those thefts ending up in China

https://news.met.police.uk/pressreleases/three-plead-guilty-following-major-met-mobile-phone-theft-investigation-3445768

Across England and Wales annual thefts nearer 165k, but London undoubtedly the epicentre.

As a result I have just 2 financial apps on the phone, being Chase ( no other option) and Oxbury's authentication app.

All other financial and investment accounts on a tablet kept at home.

born_again

I'm all for convivence & not these scare stories.

So all my banking apps are on my phone. I will not let the scum of the earth rule my life. What do we do go back to the dark ages?