Lost your phone? Protect your banking details, online wallet; Here's How

Using UPI apps and e-wallets made payments easy but it may cost dearly if it goes in the wrong hands. Here’s how you can keep your money safe if your phone is lost.

Immediately block your SIM card to block access to apps that need OTP. (MINT_PRINT)

Since we all rely on UPI and online payment methods for most of our daily transactions, our bank details not only become vulnerable to online scammers but it also makes it easier for smartphone thieves to steal money. Once they get their hands on your smartphone they can access your bank details and e-wallets and steal your money. Many times it has been reported that smartphone thieves are stealing phones not to sell them but to get access to the owner's bank details. Hence it becomes necessary to secure your bank account details and transaction details as soon as you lose your smartphone. Here are the things that you should do as soon as you lose your phone or if it gets stolen.

Block your SIM card

The first and foremost step is to block your SIM card so that the thief cannot misuse your phone number. Call the customer care of the respective telecom service provider to inform them about the theft and ask them to deactivate your mobile number. Blocking the SIM card will also block every app on the phone that can be accessed via OTPs. Since UPI/payments apps are just a tap away, blocking SIM cards will also block access to these services immediately. It may take some time, but your privacy and mobile wallets will be secured.

Deactivate UPI payment

Deactivate UPI payment as soon as you don't find your phone. A small delay can cost you dearly as the thief may try to use another feature, UPI payments.

Block all mobile wallets

E-wallets like Amazon Pay, Google Pay, PhonePay, FreeCharge and Paytm have made lives extremely easy but it may be costly if your phone reaches the wrong hands. As soon as you realize that your phone is missing, contact the respective app's help desk and ask them to block the access until you set up the wallets again.

Go to the police, file a report

The last and one of the most important steps is file a theft complaint at your nearest police station. Ask for a copy of FIR, keep them to use as evidence just in case the phone is misused or your money is stolen despite taking all the above mentioned measures.