How to protect your phone and financial accounts from hackers

Quick answer: Your phone is a gateway to your financial life, so protecting it takes more than a single fix. Use a strong mobile-account PIN and device passcode, turn on your phone's location and remote-erase tools, install updates promptly, back up your data, use trusted security tools when appropriate, avoid sensitive transactions on public Wi-Fi, and choose encrypted communications. Whenever possible, also use multifactor authentication for email, financial, mobile-carrier, and cloud accounts. Together, these layers can make it harder for a criminal to take over your number, reset passwords, or reach your financial accounts.

Your smartphone may provide access to your checking and savings accounts, credit cards, payment apps, email, and personal information. If a criminal gains control of the device, one of your accounts, or even your phone number, they may be able to intercept security codes, reset passwords, or attempt to access financial information.

No single setting can eliminate every cybersecurity risk. However, several practical safeguards can make unauthorized access more difficult and help limit the damage if your phone is lost, stolen, or compromised. Consider the following eight layers of smartphone security.

What you’ll learn

• How does a mobile account PIN protect your finances?
• Why is a strong phone passcode important for financial security?
• How can Find My Phone tools protect your financial data?
• How do software updates help protect your money?
• Why do phone backups matter after a cyberattack?
• Does your smartphone need antivirus or other security software?
• How can public Wi-Fi put your financial accounts at risk?
• How does encryption help protect financial information?
• Make smartphone security part of your financial routine

How does a mobile account PIN protect your finances?

A mobile account PIN can help stop someone from impersonating you with your carrier and transferring your number to another device, a scam often called SIM swapping or port-out fraud. If a criminal controls your number, they may receive texted security codes and use them to reset passwords for your email, bank, credit card, or payment accounts.

Protect your money: Ask your carrier to add an account PIN or port-out lock. Choose a number that is not tied to your birthday, address, or phone number, and never share it in response to an unexpected call or message. Whenever possible, use multifactor authentication for email, financial, mobile-carrier, and cloud accounts. An authenticator app or security key may provide stronger protection than a security code sent by text, particularly when SIM swapping is a concern.^i,ii

Why is a strong phone passcode important for financial security?

If your phone is lost or stolen, a strong screen lock can help prevent someone from accessing your email, financial apps, saved payment information, and password-reset messages. It provides an important first barrier between an unauthorized user and the personal information stored on your device.ⁱⁱⁱ

Protect your money: Use a long, unique passcode or password rather than an easy pattern or short code. Turn on biometric access for convenience, but keep a strong passcode underneath it. Also set the phone to lock automatically after a short period and require authentication before purchases or access to financial apps.^{iv, v}

A device passcode also supports built-in data protection. If your phone is lost or stolen, that encryption can help keep stored statements, tax documents, photos of IDs, and other sensitive information out of the wrong hands.

How can Find My Phone tools protect your financial data?

Apple and Android include tools that can help you locate, lock, or erase a missing device remotely. Acting quickly may prevent someone from opening your email, viewing one-time security codes, or reaching financial apps before you can change passwords. ^vi

Protect your money: Turn on your device's find-and-erase feature now, before you need it. Make sure location services are configured correctly, learn how to access the tool from another device, and keep a separate record of important financial-service phone numbers. ^{iii, iv}

How do software updates help protect your money?

Phone and app updates often fix known security weaknesses. Delaying them can leave an opening that criminals may use to install malicious software, capture information, or gain access to accounts. Apps downloaded outside official app stores may carry additional risk because they may not be subject to the stores' standard review and security controls. ^{iii, iv}

Protect your money:Turn on automatic operating-system and app updates. Remove apps you no longer use, and download new ones only from trusted app stores. Before installing a financial app, confirm that it is the official version from the institution. ^iv

Why do phone backups matter after a cyberattack?

A recent backup can help you recover contacts, documents, and other important information if your phone is lost, damaged, infected, or remotely erased. A recent backup can also make it easier to restore important information after a device is reset or replaced. ⁱⁱⁱ

Protect your money:Turn on encrypted automatic backups and secure the backup account with a unique password and multifactor authentication. Avoid storing unprotected copies of tax forms, account numbers, or identity documents where anyone with the device could find them.

Does your smartphone need antivirus or other security software?

Mobile security tools vary by operating system and may offer features such as malicious-link warnings, risky-app detection, or account-monitoring alerts. No app can replace safe habits, and a fake "security" app can create risk of its own. ^iv

Protect your money:Keep the built-in protections on your phone enabled. If you add security software, choose a reputable provider, install it from the official app store, and review what permissions it requests. Be cautious of pop-ups or messages claiming your phone is infected and demanding immediate payment.

How can public Wi-Fi put your financial accounts at risk?

p>Public Wi-Fi can be convenient, but a network with a familiar name may be fake or poorly secured. That can expose sensitive activity or lead you to a fraudulent sign-in page. Automatically reconnecting to saved public networks can increase the risk. ^iv

Protect your money:For sensitive financial activity, use cellular data or a personal hotspot instead of public Wi-Fi. Turn off automatic Wi-Fi connections and Bluetooth when you do not need them. If you must use a shared network, a reputable VPN can add protection, but it does not protect you from fraudulent websites, phishing attempts, or compromised accounts. ^iv

How does encryption help protect financial information?

End-to-end encrypted messaging is designed so that the contents of a conversation can be read only on the participants' devices. However, protection may vary by service, conversation type, recipient, and settings. Encryption also cannot protect information if a device or account has already been compromised or if the recipient is an impostor. ^vii

Protect your money: Use trusted end-to-end encrypted services for sensitive conversations, keep message previews off your lock screen, and never send passwords, full account numbers, or one-time security codes by text or email. Verify the recipient through a trusted channel before sharing sensitive information.

Make smartphone security part of your financial routine

You do not need to overhaul everything at once. Start with the controls that can block the fastest path to your money: add a carrier PIN, strengthen your phone passcode, turn on multifactor authentication, and enable remote lock and erase. Then schedule a quick monthly check for updates, backups, unused apps, and unfamiliar account activity. Layer by layer, those habits can help protect your phone, your identity, and the financial progress you have worked hard to build.