How to protect your bank details and mobile wallet if your phone is stolen

Did you know that thieves these days are looking for only one thing after they grab your mobile phone? Your bank details. Let us not forget that more and more people are making digital payments these days and using different apps. It is not that difficult for smartphone thieves to access these wallets. For example, criminals in Sao Paulo, Brazil were reportedly stealing iPhone handsets not to sell them but to access the bank details of the owners of these devices and steal their money.
With such incidents occurring, it becomes very important to be cautious. If your phone gets lost, then in this situation you can prevent your phone or its data from being misused by using the methods given below.

Block your SIM card

Block your SIM card
First and foremost is to ensure that the phone number is not misused if the phone is lost. Blocking the SIM card means blocking every app on the phone that can be accessed via OTP. You can always get the same old number reissued on a new SIM card. It may take some time, but your privacy and mobile wallet are far more important.

Block access to mobile banking services

Disable mobile banking services
Phone thieves can easily access your bank details, so it is very important to block bank services at that time. Your SIM card and mobile app work together, because no transfer can be done without OTP on the registered number. But as soon as the phone is lost or stolen, both should be blocked.

Deactivate UPI payment

Deactivate UPI payments
A little delay can cost you dearly. Once you deny the phone thief access to online banking services, the thief may try to tamper with other features like UPI payments. So this also needs immediate attention. Deactivate it as soon as possible.

Block all mobile wallets

Block all mobile wallets
Mobile wallets have made life extremely easy. But mobile wallets like Google Pay and Paytm can prove to be costly if your phone falls into the wrong hands. Contact the help desk of the respective app and ensure that no one is given access until you re-set up the wallet on a new device.

Go to the police, file a report

File a report with the police
Once you have followed all the steps given above, it is also necessary to report your stolen device to the authorities. You can file a phone theft report at the nearest police station and also take a copy of the FIR from them. This copy will prove useful for you as evidence if your phone is misused or your money is stolen using your phone.