If Your Phone Is Stolen, Criminals Can Empty Your Bank Account in Minutes

A stolen phone can unlock your entire financial life in minutes. Skrypnykov Dmytro/ShutterstockIt’s important to understand that your phone is not just a device; it is often the master key to every financial account you own. When a thief steals your phone, they do not need your bank password. If they get access to your text messages, they can intercept the two-factor authentication codes your bank sends you. That window between theft and financial loss can be as short as 10 minutes.The good news: a handful of settings, activated before a theft happens, can greatly reduce the risk.Phone Theft Can Also Be an Account TakeoverMost people picture phone theft as a hardware problem. You lose a device, file an insurance claim, and replace it.