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The short answer
If your phone is stolen, call your bank from another phone to block your accounts, cards and USSD access, then call your network to block the SIM and request a replacement through official channels. Change your email and banking passwords from another device. Thieves who get past the screen lock can reach banking apps, SMS codes and USSD, so a strong screen lock and app-level protection matter before anything happens.
Why a stolen phone is a banking risk
Phone snatching on the road, in traffic and at events is common in Nigerian cities. For many people, the phone holds everything: banking apps, the SIM that receives codes and runs USSD banking, email that can reset passwords, and sometimes a note with PINs. A thief who gets past the screen lock, or who simply puts your SIM in another phone, may be able to move money.
The first hour
- Call your bank from a borrowed phone, using a number you know is official, and ask them to block your accounts, cards, internet banking and USSD. Repeat for every bank and fintech app you use.
- Call your network and ask them to block the SIM. You will need to go through their official replacement process; the NCC says NIN verification is compulsory for SIM replacement.
- Change your email password from another device, then your banking passwords where you can.
- Use your phone maker's find-and-erase service from a computer if it is set up, to lock or wipe the phone.
- Report to the police and keep the reference; your bank and network may ask for it.
- Warn family that messages from your number or WhatsApp may not be from you.
Set up your phone before anything happens
| Setting | What to do |
|---|---|
| Screen lock | Use a six-digit PIN or longer, or a strong password, plus fingerprint or face if you like. Avoid patterns and birthdays. |
| SIM PIN | Turn on a SIM PIN so the SIM cannot be used in another phone without it |
| Banking app lock | Turn on the app's own PIN or biometric login, separate from the screen lock |
| Notifications on lock screen | Hide message contents so codes do not show on a locked phone |
| Find my device | Turn it on so you can lock or erase the phone remotely |
| Saved passwords and notes | Never store PINs, passwords or card details in notes, photos or chats |
| Authenticator app | Use one instead of SMS codes where offered |
Watch the 'open it for me' trick
Some phone thieves now force or trick victims into opening the phone, or watch over their shoulder as they type a PIN in public before snatching it. Cover your screen when typing your PIN in traffic or crowds, and think about turning off banking app notifications that show balances.
USSD is tied to the SIM
USSD banking works through your SIM, not an app, so a thief with your SIM and a weak USSD PIN can transfer money from any basic phone. Set a USSD PIN nobody could guess and ask your bank about USSD limits. See USSD banking fraud.
Worked example
Example only. Ngozi's phone is snatched from her car window in traffic at 6:10 pm. At home by 6:50 pm she uses her sister's phone to call her two banks and her fintech app, blocking all three. She calls her network to bar the SIM and goes to an official outlet the next day for a replacement, with her NIN. From her laptop she changes her email password and uses the find-my-device service to erase the phone. When she checks her statements later, there was an attempted ₦50,000 USSD transfer at 6:30 pm that failed because her USSD PIN was not her birthday.
If you lost the phone rather than had it stolen
Treat a lost phone the same way as a stolen one until you get it back. It is tempting to wait a few hours in case someone returns it, but the steps above can be reversed: your bank can unblock your accounts once you have your phone again, and your network can restore the line. Money moved out while you waited usually cannot be undone as easily. If someone calls saying they found your phone and asks for a reward to be paid by transfer first, be careful; arrange to collect it in a public place instead.
After you get a new phone
- Reinstall banking apps only from the official app store.
- Set up your authenticator app again and register your new device with each bank, following their process.
- Check every account's history for the period your phone was missing.
- Review which apps had saved logins and change those passwords too.
- If money was taken, follow our first-hour fraud plan and, if your bank does not resolve it, complain to the CBN.
Where Pryme fits
Pryme does not rely on SMS codes. Moving money needs approval through an authenticator app and your transaction PIN, so a thief holding your phone number alone cannot send money from your Pryme account. If your phone is lost, contact Pryme through contact from another device. Read about our approach on security, or see why authenticator apps beat SMS codes.
Questions people ask
My phone was stolen. Can the thief use my bank app?
Only if they can get past your screen lock and the app's own login, or reset it using your SIM and email. Block your accounts quickly and change your email password.
How do I block my bank account if my phone is stolen?
Call your bank's official customer line from another phone and ask them to block your accounts, cards, internet banking and USSD.
Can I keep my number after my phone is stolen?
Yes. Your network can bar the SIM and issue a replacement on the same number after verification, including your NIN.
Should I use fingerprint login for banking apps?
Biometrics are convenient, but keep a strong PIN behind them, since a thief may force you to open the phone with your face or finger.
Sources
- NCC: NCC demands MNOs, agents, consumers comply with SIM Replacement Guidelines · accessed Oct 2026
- NCC: Guidelines on SIM Replacement · accessed Oct 2026
- CISA: Guidance on phishing-resistant and number-matching MFA · accessed Oct 2026
- Nigeria Police Force National Cybercrime Centre (NPF-NCCC) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.