In today’s digital age, mobile banking has made it easier for us to manage our finances on the go. However, this convenience comes with a risk. Kidnappers are now targeting bank accounts, using mobile phones to gather sensitive information and demand ransom. To make matters worse, refunds from banks aren’t guaranteed, leaving victims with little to no recourse in the event of a financial loss. As a banking customer, it’s essential to know how to protect yourself from these threats.
What Kidnappers Can Access from Your Phone
If a kidnapper gets hold of your phone, they can access a wealth of information that can be used to exploit you financially. This includes:
- Contact list: Your family, friends, and colleagues’ contact information can be used to demand ransom or gather more information about you.
- Call and message logs: Your recent activities, relationships, and communication patterns can be used to track your movements or identify potential targets.
- Banking and financial information: Mobile banking apps or stored financial information can be used to demand ransom or steal your money.
- Photos and videos: Your personal life, relationships, and activities can be used to gather more information about you, for blackmail, or demand ransom.
- Biometric data: Facial recognition or fingerprint scanning can be used to unlock your phone or access your biometric data for malicious purposes.
Protecting Your Banking Information on Your Cellphone
To safeguard your banking information, follow these tips:
- Hide Your Balances: Many banking apps allow you to hide your account balances. Consider having two accounts, one for everyday transactions and another for savings or investments, and only show one account on your phone.
- Rename Your Banking Apps: Rename your banking apps to something generic or unrelated to banking, such as “Notes” or “Photos”.
- Create Files and Folders: Store your banking apps in files and folders, and consider using a password or PIN to protect access.
- Clean Up Your Emails and SMS: Regularly delete or move emails and SMS messages related to your banking information to a secure folder.
- Insurance to Safeguard Against Kidnap and Ransom: Many insurance companies now offer specialized policies that provide coverage for kidnap and ransom demands. It may be worth considering this type of insurance, as it can offer financial protection and support.
- Use a Secondary Phone for Banking: Consider using a secondary phone specifically for banking and financial transactions to reduce the risk of your financial information being compromised.
Benefits of a Secondary Phone
Using a secondary phone for banking can provide several benefits, including:
- Reduced risk of financial information being compromised
- Ability to keep your financial information separate from your personal and social life
- Reduced risk of identity theft and financial fraud
Tips for Using a Secondary Phone
If you decide to use a secondary phone for banking, consider the following tips:
- Install banking apps and other apps that you don’t need on-the-go (such as shopping or insurance apps) on the secondary phone
- Keep the secondary phone in a safe and secure location e.g. leave it at home rather then carrying it around
- Consider using a separate SIM card or phone number for the secondary phone to keep your financial information separate from your personal and social life.
By taking these precautions, you can protect your banking information and reduce the risk of falling victim to kidnappers targeting your finances.