Unlike in the past, your wallet now sits neatly in your pocket inside your mobile phone. From instant EFTs to tap-to-pay and mobile banking apps, your phone gives you incredible convenience. But it also means that keeping your money safe depends on how well you secure your device.

Here are some simple ways to make sure your phone, and your finances stay protected:

Lock it like a vault

Making payments from your phone is convenient, but it can be just as convenient for someone with bad intentions. Protect yourself with strong security.

Use a PIN, fingerprint, or facial recognition as your first line of defence, and avoid simple passcodes like “1234” or your birth date. If your phone has an auto-lock feature, set it to kick in quickly after inactivity.

Pro tip: Enable “Find My Device” (Android) or “Find My iPhone” (iOS) so you can locate, lock, or erase your phone remotely if it’s lost or stolen.

Set app-level protection

Your banking and payment apps should have their own security layers. Most allow you to set up in-app PINs, biometric login, or two-factor authentication (2FA). Even if someone gets past your phone lock, these extra steps can block unauthorised access.

Check your app settings for security options and make sure notifications are turned on, so you’re alerted immediately if any suspicious transactions occur.

Use trusted networks only

Public WiFi can be convenient, but it’s rarely safe for transactions. Avoid logging into your bank app or making payments while connected to open WiFi in restaurants, airports, or malls.

If you need to access financial apps on the go, it is better to use your mobile data connection, as it is far more secure and encrypted by your network provider.

Keep your software updated

Updates do more than add new features, they often include important security patches. Ensure your phone’s operating system and your banking apps are updated automatically. Outdated software is one of the easiest ways for scammers and hackers to exploit vulnerabilities.

Watch out for mobile payment scams

Mobile payment scams are becoming increasingly sophisticated. Be cautious of:

• Messages or emails pretending to be from your bank or service provider asking you to “verify” your details.

• Links that lead to fake websites designed to look like official ones.

• Requests for your One-Time PIN (OTP). Any reputable company will never ask for it.

When in doubt, go directly to the company’s official website or app, or contact them through verified channels

Review app permissions

Many apps request access to data they don’t need, like your contacts, messages, or location.
Regularly check your phone’s App Permissions (in Settings) and revoke access for any apps that seem unnecessary or suspicious. Fewer permissions mean fewer entry points for potential data theft.

Stay alert with notifications

Turn on real-time alerts for all transactions on your account. They might feel intrusive at times, but they’re one of the best ways to stay protected. Instant SMS or push notifications let you detect unauthorised activity early, so you can freeze your card or contact your bank before any or too much damage is done.

All in all, your mobile phone gives you the freedom to manage your money anytime, anywhere. But with great convenience comes the need for great caution. Treat your phone like the wallet it’s become by locking it down, updating it often, and staying alert to scams.

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