Mobile Banking - how safe is it?

[pallys]

Hi folks,

So I came across this article in the BBC below. What surprised me is that the victim said he had face id and passworded protected his banking apps.

So how did fraudsters bypass this? Is this a known issue?
How are we supposed to take steps to prevent against this?

Thoughts welcome.

'Train phone snatcher stole £21,000 from my bank apps'

Niall fell victim to theft while on a train and police data shows a rise in reports of these crimes.

www.bbc.co.uk

 

[pallys]

People saying they have face id and passwords yes, but the guy in the article is saying the same thing. So how did they get the funds?

Yeah I've come to the conclusion if someone snatched your phone unlocked it can all bypassed as per that guy on YouTube video.

Knowing that I'm going to buy a 2nd cheap phone that stays at home with the banking apps and delete these off my main phone. The amount of money at risk just isn't worth it.

Anybody recommend a cheap £100 phone for this? Ideally a manufacturer that provides the longest possible security updates too?