Mobile phones are central to our lives today. Nearly all (98%) of 16-54-year-olds own a smartphone, while 59% of workers choose their phone over a laptop or desktop to run their business.
We only need to look at financial services to see how central phones are. A survey found that more than three-quarters (78%) of mobile owners use their phones for banking, with 51% using a digital wallet. That's before we consider fintechs - whether focusing on consumers or businesses, most offer their products through a mobile-based app.
Statements, transactions, applying for services; it's right there in our hands. It's transforming the banking experience for so many people, giving them better control and access to their finances.
There's a downside, of course. Mobile phone theft is nothing new, but what is shocking is the recent surge: in the year to March 2024, 78,000 people in the UK had their mobile phones stolen -- an astonishing 152% increase from the previous year.
Fifteen years ago, losing a phone was upsetting and frustrating, but as long as you told your provider (and avoided anyone racking up expensive charges), you were all set once you had a new device. Nowadays, losing your mobile is like losing your keys. If those keys had not just your address but directions to your home or work and where everything valuable was.
There's all the personal identifiable information (PII) that's stored on it or accessed through it. You might not have your date of birth in your calendar, but you'll likely have at least one message somewhere that wishes you a happy birthday.
Then there's the threat if it's a work phone, with access to confidential company data and other identifiers that could be used as part of more sophisticated attacks, such as deep fakes. Depending on the role of the individual that lost the phone, there might be company social media accounts, accountancy software or banking apps, all available to the thief.
It's fairly simple: with an unlocked phone, a thief can wreak havoc whether it's a personal or work phone: using PII for identity theft, accessing social media and emails, and even draining bank accounts.
Many apps and services employ measures such as biometrics or two-factor authentication (2FA). The problem is that the phone is how we use these measures; if a thief has seen someone enter their PIN, they have a way around most standard defences.
Only a third (36%) of respondents to our survey said the PIN they use for apps is always different from that of their phone; even if they use different PINs, many apps stay open and allow criminals to change log-in and ID details.