Lose Smart Phone And You May Lose Your Bank Balance

Saturday, September 22, 2012, 2:00 AM | Comments are off

Personal technology has come a long way and has evolved in what it is today. If the technical progress continues, it may do wonders in the future. For many folks, it is their best friend. However, for others, it may turn out to be their worst enemy.

It has happened to many folks that they have lost their smart phone for good. Someone else has it now. That person has opportunity to empty your bank account, steal your identity or both.

In short you may not be you any more as your identity has been compromised.

Your smart phone, obviously, is not only your everyday cell phone, but it is your computer in the palm of your hand and worse it is your wallet as well if you have used it for banking and other financial transactions.

If you have access on your phone to your bank account, consider it wiped out if your smart phone is stolen. Contact your bank immediately the moment you realize you have lost your smart phone.

The culprits can also get information about yourself and your bank accounts from your e-mail messages. They can also get your log-in (user id and password) from your online accounts.

They can also use your contacts for phishing schemes.

You have developed a paradigm of your identity and finances…

Quite some time ago, it used to be if you wanted to check your bank balance, you had to go to the bank and most probably wait in line. Then the person at the counter would do what financial transactions you asked her to make. So the paradigm of your identity and finances stayed at the bank.

At the advent of the desk-top personal computers, when you went out, the paradigm of your identity and finances would stay home. You avoided – you had no choice – to implement the famous commercial: “Don’t leave home without it.” You always left home without it. You had no choice.

With the introduction of laptops and the resulting enhancements over the years, you seldom left home without your paradigm (contacts, identity and finances) that you had so diligently created on your portable computer.

With cell phone in general and smart phone in particular, your paradigm always leaves home when you go out. There is no way to avoid it. It would not make sense to leave home without it. Your paradigm is essentially in the palm of your hand.

When you misplace your smart phone or it is stolen, great many chances are that your paradigm that you had worked so hard to build will get in the hands of such human culprits that at a minimum, your bank account can be totally wiped out within minutes if not seconds.

How can you prevent your paradigm from being stolen…

There are ways to prevent identity theft if your smart phone is stolen.

  • Your smart phone has security settings. Use it to lock your screen with a password.

  • Believe it or not, some surveys say only 38% of smart-phone owners take time to take that simple but very effective step.

  • Don’t use obvious password to lock your smart phone. Be creative and hide the phone while you are entering the code when strangers are around.

  • A very important step that most folks forget or just purely are careless about is the fact that when they finish using an application, they don’t log out. Make it a habit to do so.

  • When you are logged in to your bank account and you get done doing what you were doing, log out. That’s a must. Otherwise, thieves are more technically knowledgeable than you. Believe it.

  • The culprits are flying around like an eagle looking for small chicks and when they see one open for attack, it dives in and pick the chick. It does not take the predator (any kind) to grab its prey (any kind) and eat it alive. Don’t let the thieves eat you alive, financially speaking of course.

Why would you wanna take precautions…

If you have apps to shop online and pay for the merchandise, the thief can do exactly the same and can go on a shopping spree with your smart phone. The sky is the limit. By the time you realize what has happened, you have thousands of dollars worth of bills sitting in front of you.

Granted, in case of credit cards, you are liable to pay only $50 but the hassle you go through and to prove that someone else bought everything in your name will give you a BIG financial headache.

How to prevent losing your Smart Phone paradigm…

There are location-tracking apps available for smart phones. Install one and activate it. It may turn out to be the biggest help of tracking where you forgot to place your smart phone.

In case your phone has been stolen, the police may be able to track it down as well.

There are security apps out in the market – one important factor of which is to erase your data (financial and otherwise) remotely. Check with your wireless carrier as well. It may offer such feature.

In a Nutshell
You have developed your paradigm (contacts, identity and finance) in your smart phone over the years. You cannot leave home without it. Protect your paradigm. Take every precaution you can.

Needless to say, your identity and finances must belong to you and you alone; no one else.

You will save by not losing money by protecting your paradigm.

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