Did you know that today’s thieves are only looking for one thing once they get their hands on your phone? Your bank details. Don’t forget that with more and more people opting for digital payment apps, it won’t be difficult for smartphone thieves to access these wallets. Case in point: Criminals in São Paulo, Brazil, reportedly stole iPhones not for resale but to obtain the bank details of owners of the devices and steal their money.
With incidents like this coming to light, the only way to go is to be careful and take the following steps immediately if you lose your phone or it is stolen.
Block your SIM card
The first and most important thing is to make sure your phone number is not misused if you lose your phone. Blocking the SIM card also means blocking all applications on the phone that are accessible via OTP. You can always get the same number on a new SIM card. This may take a while, but your privacy and mobile wallet are more important.
Block access to mobile banking services
These services are just a tap away, so it’s important to block access to them. Your SIM card and mobile app go hand in hand as without OTP on the registered number, transfers cannot be made, but both need to be blocked in case the phone is lost or stolen.
Disable UPI payments
A little delay can cost you dearly. Once access to online banking services is denied, thieves may try to fiddle with another feature, namely UPI payments, so this too needs to be dealt with immediately. Deactivate it as soon as possible.
Block all mobile wallets
They make life incredibly easy, but mobile wallets like Google Pay and Paytm can be very costly if your phone falls into the wrong hands. Please contact the respective application’s help desk and ensure that no one is granted access before setting up the wallet again on a new device.
Go to the police station to report a crime
Once you have taken care of the above, it is crucial to report the matter to the authorities. Ask for a copy of the FIR which you can use as evidence in case the phone is misused or your money is stolen despite all the measures taken.
