7 ways to protect your finances if your phone is stolen, email hacked.

What to do if your phone is stolen, lost, or your accounts are compromised.

In today’s digital world, your phone and online accounts are not just tools for communication—they’re also gateways to your financial life. A lost or stolen phone, or compromised email is a massive wake up call and it’s crucial to act fast to protect your finances. Here’s what to do if your phone is stolen or your email or other accounts have been accessed without authorisation.

1. Lock down your bank accounts and payment apps
2. Secure your email and cloud accounts
3. Lock or wipe your stolen phone remotely
4. Update all your passwords
5. Monitor your credit and identity
6. Notify important financial services
7. Stay vigilant

1. Lock down your bank accounts and payment apps.

Whether its banking apps or other payment platforms like PayPal and Afterpay, many of us access financial services via our phones. If your device is stolen or your email is compromised, a hacker could attempt to access these accounts. So it’s important to act quickly to secure your accounts.

What to do if your phone is stolen or lost, or your email is compromised:

• Contact your bank immediately to report the situation and place a temporary hold on your accounts if needed.
• Freeze your credit or debit cards via your bank’s mobile app (if you can access it from another device) or customer service line.
• Check for any unauthorised transactions and report them right away.
• Change your online banking passwords and enable two-factor authentication (2FA) if you haven’t already.

2. Secure your email and cloud accounts.

Email is often the key to resetting passwords for other accounts. If someone gains access to your email, they can attempt to take over your other financial accounts, widening the area of impact. So if your device is stolen or email compromised, we recommend doing the following things straight away:

• Change your email password immediately from a secure device.
• Enable two-factor authentication (2FA) on your email, if not already in place.
• Check for suspicious login activity in your email security settings.
• Remove any unfamiliar devices that may have been granted access.

3. Lock or wipe your phone remotely.

While it can be tempting to hold out hope that your phone may be returned, the overwhelming majority of phones that are lost or stolen are never recovered. Most smartphones come with built-in security features that allow you to lock or erase them remotely, so acting quickly to lock or wipe your missing device remotely can go a long way to protecting your sensitive information.

• For iPhone users, use Find My iPhone to mark your device as lost and erase data remotely.
• For Android users, use Find My Device to lock or wipe your phone.
• Contact your carrier to suspend your SIM card and prevent unauthorised calls or texts. This is especially important if you use SMS as your source of 2FA.

4. Update all your passwords.

If you suspect unauthorised access to any of your accounts, change your passwords immediately.

• Consider using a password manager to keep track of new passwords securely. At Kearney Group we recommend LastPass, but there are many great options available to make managing your passwords easier and more secure.
• If you’re using a password manager, use generated passwords whenever possible.
• If you absolutely must use a memorable password, use a strong, unique password for each account or better yet, try a passphrase instead!
  • Passphrases are easier to remember and yet more secure at the same time. Providers like Use a Passphrase can help you come up with a truly random passphrase that will help keep you safe.
• Never reuse old passwords that may have been compromised.

5. Monitor your credit and identity.

A stolen phone or hacked email can lead to identity theft. So keep an eye on your credit and personal information.

• Check your credit reports for any suspicious activity.
• Place a fraud alert with credit bureaus like Experian, Equifax, or Illion.
• Consider freezing your credit if you suspect serious fraud.
• Watch out for phishing emails trying to trick you into providing further personal information.

6. Notify important services.

Beyond banks, many other accounts store your financial information. If your phone is stolen or lost, or your email is compromised, be sure to secure them as well.

• Notify your accountant and financial adviser and any other professionals that may have access to your financial accounts. Since these advisers act on instructions they receive from you, it’s vital that they know that correspondence they receive from your phone number or email address may not actually be coming from you!
• Deactivate and reissue your mobile payment services like Apple Pay, Google Pay, or Samsung Pay.
• Update your login details for any shopping websites, subscription services, or other platforms storing payment information.
• Report the theft to the police if you believe your phone or data was stolen maliciously.

7. Stay vigilant after your phone is stolen or email is hacked.

In the weeks and months after your phone is stolen or email is hacked, it’s important to continue monitoring your accounts for any unusual activity. Cybercriminals often attempt further attacks, long after the initial breach. So it’s crucial to stay vigilant and:

• Regularly check your statements for unauthorised transactions.
• Be cautious of scams – take care with calls, texts, or emails claiming to be from a bank or phone provider.
• Consider using a credit monitoring service for extra protection.

Final thoughts on what to do if your phone is stolen or account is hacked.

A stolen phone or hacked account can feel overwhelming, but taking quick action can limit financial damage and prevent further security breaches.

By securing your accounts, locking or wiping your phone remotely, and monitoring your financial activity, you can regain some control and protect yourself from fraud. Stay proactive and always keep your digital security up to date to minimise future risks.

If you’ve been a victim of financial fraud or need assistance, contact your bank, mobile provider, and relevant authorities immediately. Taking swift action is the best defence against financial loss and identity theft.