If you’re like most Americans, you probably rely on your smartphone as much as your computer. You use it to manage your finances, shop online, work, and keep in touch with family and friends. Unfortunately, using your phone for everything leaves you open to fraud and identity theft if you lose it. Your phone contains important personal information and stored passwords, which scammers can potentially use to empty your bank account, take out loans in your name, and damage your finances. But if you’ve recently misplaced your phone, don’t panic! There are steps you can take to protect yourself from these financial consequences. Here’s how to keep your finances safe after losing your mobile phone.
How to Keep Your Finances Safe After Losing Your Mobile Phone
Try to Locate Your Phone
The first step is to try to locate your phone. Even if you’ve been searching for your phone for hours, you never know—it could simply be stuck behind the couch cushions or buried underneath your mattress!
Most phones including iPhones and Androids have a “find my phone” feature that you can use to view your phone’s location. These apps can also be used to play a sound so you can search for your phone if it’s hidden somewhere in your house or another familiar place.
However, if your phone is at a random location you’ve never been to before, it may not be wise to go after it because it could’ve been stolen. Confronting thieves isn’t a good idea. It’s better to contact law enforcement and file a police report.
Keep in mind that the “find my phone” feature may not work if your phone is powered off, the battery has died, or location services are turned off. If you can’t locate your phone through this app, try calling and texting it instead in case a good samaritan has found it and wants to return it to you.
Try to Lock or Wipe Your Phone
If you still can’t find your phone, it’s time to take steps to protect your data in case your device has fallen into the wrong hands. As long as your phone is connected to the internet, you may be able to wipe your data remotely to prevent scammers from stealing it.
Here’s a guide on how to wipe data on both Android and Apple devices. You can also remotely lock your phone to make it harder for scammers to gain access to your device.
Keep in mind that thieves may shield your phone from cellular networks so you can’t erase it. So it’s important to act quickly and wipe your phone as soon as you determine it’s lost for good.
If your attempts to wipe your data are unsuccessful, your cellular provider may be able to help. They can often deactivate the device and wipe the data for you.
Contact Your Cellular Provider
The next step you should take once you’ve confirmed your phone is gone is contacting your cellular provider. They’ll be able to cancel your service and mark your phone as unusable so it can’t be resold by scammers.
Canceling your phone service will also prevent scammers from trying to target your family and friends. Sometimes criminals may use your phone to impersonate you. They may ask your loved ones for cash or financial information like credit card numbers. Deactivating your phone will prevent them from executing these phishing schemes.
However, it’s still a good idea to let your family and friends know that your phone is lost and could’ve been compromised. That way they’ll be on high alert if someone contacts them claiming to be you and asks for money through Venmo or other means.
Change Your Passwords
You probably use your phone for online banking and may even have auto login enabled. This gives any stranger who finds your lost phone an opportunity to access your financial accounts. But luckily you can protect yourself simply by changing the password. Make sure you come up with a unique, complex password that contains a mixture of numbers, letters, and special characters.
Don’t forget to change the passwords to any other apps you use on your phone, such as your email, online shopping accounts, streaming apps, and rideshare accounts. Your credit card info may be saved on these apps, so you don’t want to give scammers a chance to hack into them.
If you use Apple or Google Pay on your phone, you may also need to cancel the saved credit cards to prevent fraud. Although it’s a hassle to get a new credit card, it’s better to be safe than sorry.
Freeze Your Credit
An additional step you can take to protect your finances after losing your mobile phone is freezing your credit. If your phone fell into the wrong hands, a bad actor may now have the personal information they need to take out loans in your name.
Freezing your credit will prevent them from opening lines of credit and damaging your finances. You can freeze your credit by contacting the three major credit bureaus (Experian, TransUnion, and Equifax) by phone or online.
Although you should always watch your credit report and financial accounts for signs of fraud, keep an extra watchful eye on them for the next few months.
See If You Have Cellphone Insurance
Another financial downside of losing your phone is paying for a replacement device. It can cost hundreds or even thousands of dollars to buy a new smartphone depending on the model you want. If you didn’t purchase cell phone insurance from a company like Progressive in advance, it’s possible you may still have coverage.
Cell phone providers often have insurance plans that cover lost or stolen phones, which you can opt into for a fee when you sign up for service. It’s worth contacting your carrier to see if you purchased an insurance plan when you bought your device.
If you don’t have coverage through your phone carrier, it’s possible you may be reimbursed by your credit card company. Some credit cards come with phone insurance as a perk if you pay your phone bill with your card. So check to see if you qualify.
Wrapping Up
Misplacing your phone can be a stressful event, but it doesn’t have to cause financial damage. There are steps you can take to keep your finances safe after losing your mobile phone, such as deactivating your device and changing your passwords to stronger versions.
Have you ever lost your phone? Did you experience any financial consequences from it? Let us know in the comments below.
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