Hardly a week or month goes by without hearing that someone was robbed and their bank accounts cleaned out while being held hostage. Is the cellphone becoming more of a danger than it is a convenience to our lives?
When it comes to cars, I've always been a person who prefers a factory-standard car. I've never been obsessed with having additional security features as I believed that making a car harder to steal makes it more dangerous to the owner, as it can result in criminals being more likely to hijack you if they cannot steal the car. That's if they are serious enough about making sure they get what they want. I would rather have my car stolen, than to go through an actual traumatic episode of being in the presence of criminals while they do their job. The fact that we even have to discuss 'preferences' when talking about crime is a bad sign of what has become of our country.
The evolution of the cellphone and the convenience it presents us means we have kept more and more of our personal information on these handheld devices.
Existing and newer banking institutions come with digital offerings. Digital payment solution providers entering the market. We no longer need to carry money, bank cards or visit a bank to make a deposit or payment. We no longer need to carry shopper reward cards. Event tickets can be stored on mobiles phones. We no longer print photographs. And so much more...
Much like car security features, the cellphone has become a device that can pose a danger to our personal security, along with the convenience it brings us. Gone are the days when criminals would just snatch your phone and make a run for it. In those days, you could have some consolation that your biggest loss was the photos you always meant to, but never got around to backing up.
The increasing integration of cellphones into our daily lives has meant that criminals are no longer content with just snatching them. They want the phone and everything on it. They want access to banking apps, they want to transfer money from your account to theirs, or to those of mules. They will force you to increase your credit card and overdraft limits, ask you to apply for a loan, ask you to have the people you paid transfer money back into your account just so they can have it, whatever it takes. I have heard all sorts of horror stories.
The cellphone has even added an extra dimension to the residential property "stand-alone vs sectional title" debate. Victims have reported being held up for days on end, assaulted while criminals demand money on financial apps installed on the mobile device. All while neighbors did not know 'anything was wrong'.
Hijackings have become all more complicated as criminals are asking their victims for their phone fingerprints or account passwords before releasing them.
What doesn't help is that financial institutions are unlikely to reimburse you, should you give away access to your bank accounts because your life is in danger. What other recourse is there?
What can one do to protect themselves?
Here are some tips to improving safety with your mobile device. None of these are foolproof, but they do add friction points for would-be criminals:
1. Limit the amount of business you do with any single institution - I personally have a limit of 1 product per institution. You might miss out on some loyalty points, but you need to decide what's more important, safety or loyalty points.
2. Get rid of credit cards and overdraft facilities - you could be liable for money you never had
3. Use web instead of mobile apps to access your money accounts where possible. Also try clearing cookies and web browser history when exiting the website.
4. Limit money kept in your transactional accounts, maximum 1 month's worth of expenses - I am sometimes shocked when i hear of people being scammed for big amounts, e.g. over R100 000
5. Have accounts that you can access only via physical channels.
6. Diversify platforms/institutions where you keep your money - Have accounts with varying layers of liquidity, think from immediate access, 24 hours, 7 days, to over 32 day- notice accounts.7. Keep a separate secret phone that you use only for your sensitive/financial affairs
8. Don't be "too clean". - Not having ANY money for criminals to get away with may look too suspicions, and even place you at further risk of harm.
9. Educate your family, friends and network about the red flags - .e.g "should I call you and ask you to send me money, contact the police"
10. Stay vigilant at all times. Try to avoid situations that may be risky, or where you are isolated with strangers. Practice Risk Management at all times
Do you have any other tips of how one can help protect their money? Please share in the comment section
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