Safety & Security
A few years ago, losing your phone might have meant losing your contacts or a few photos. Today, it’s a very different story. Your phone may have your banking apps, digital cards, personal accounts, and even your financial information.
That’s why letting someone else use your phone, sharing your banking app username or password, or allowing someone to carry out banking transactions on your behalf could put your money at risk.
The reality is that many scams don’t begin with a sophisticated cyberattack. They begin in ordinary moments, when you trust someone, want to help, or assume there’s no harm in handing over your phone for just a minute.
Here are a few situations that may seem normal but could end very differently.
“Can I use your phone to make a call?”
Imagine you’re sitting at a café when someone comes to you and says their phone has died and they need to make a call. You’ll probably want to help, so you hand them your phone.
But what if your phone is unlocked and your banking app is open too?
A scammer may only need a few seconds to get into your app if your phone isn’t protected by Face ID or a passcode. Even if you do use a passcode, there’s still a risk if they’ve seen you enter it. They could try to guess it and get into your phone or banking app. They may hand your phone back with a smile and a thank you, while money has already been transferred out of your account.
If you want to help someone in this situation, it’s safer to make the call yourself or put the phone on speaker rather than handing over your phone.
“Let me make the transfer for you”
Some people don’t feel comfortable using banking apps, so they ask a friend or colleague to make transfers or pay bills for them.
It may seem convenient, but it usually means someone else now knows your password, how to access your banking app, or how to unlock your phone.
In some cases, people have taken advantage of that trust to move money out of someone else’s account or make transactions the account holder never approved. The victim may not notice until days or even weeks later, especially if the amounts are small at first.
It’s always better to carry out your banking transactions yourself, even if it takes a little time to learn how to use the app.
“Can I see your banking app?”
When you’re with friends, someone may ask which banking app you use or want to see what it looks like or what features it has.
You might open the app without giving it much thought, but in that moment, you could expose information that doesn’t need to be shared, such as your username, balance, linked accounts, or other details that may seem harmless but could later be used as part of a scam.
That doesn’t mean everyone who sees this information has bad intentions, but your banking information is best kept private.
“I’m calling from the bank”
One of the most common scams involves someone calling a customer and claiming to be a bank employee. They may sound professional and tell you there’s a problem with your account or that there has been a suspicious login attempt.
They then ask for your username, password, or a verification code sent to you by SMS, saying they need it to protect your account. If you share these details, you may be giving the scammer everything they need to access your account through the banking app.
Always remember that the bank will never ask you for your password or verification code over the phone or by message.
“Open the app and I’ll help you”
This could happen in a shop, while paying for a service, or even when asking someone you know for help.
You open your banking app and then hand your phone to the other person so they can complete the steps for you.
Even if their intentions are good, it’s better to keep your phone in your own hands and do everything in the app yourself. There’s no reason for anyone else to see your financial information.
When someone else knows your login details
Some people think there’s no harm in sharing their username or password with someone close to them, but once you share those details, they’re no longer private.
Even if they’re not used today, they could be used later or shared with someone else unintentionally.
Your banking app login details are the key to your account, and you should be the only person who knows them.
How can fraud happen?
In some cases, a scammer may not stop at taking the money already in your account. They may also try to use the information they’ve stolen to access other services linked to your account, like applying for an instant loan or other financial services in your name, if they manage to get past the required security checks.
That’s why protecting your login details is just as important as protecting your money.
How can you protect yourself?
You don’t need to be a cybersecurity expert to protect your accounts. A few simple habits can make a big difference.
Never share your username, password, or verification codes with anyone. Don’t let anyone use your banking app for you. Keep your phone locked, and make sure you close your banking apps when you’ve finished using them.
It’s also a good idea to check your transactions regularly so you can spot any unusual activity early.
One last thing
Trusting others is a good thing, but when it comes to your bank accounts, it’s better to be careful.
A scam may start with a simple sentence like, “Give me your phone for a minute,” “Let me do it for you,” or “What’s your password?”
But those few minutes could be enough to lose money or leave you dealing with financial problems you could have avoided.
Always remember that your phone isn’t just a device. It’s the key to your accounts, your money, and your personal information. Just as you wouldn’t hand your bank card or PIN to someone else, don’t hand over your phone or share your banking app login details with anyone.
