A staggering 58% of men and 47% of women suffer from Nomophonbia — that’s a fear of being without a mobile device. With the total number of mobile phone users worldwide projected to reach 4.77 billion in 2017, these communication devices are an essential component of modern life.
Ostensively, your cell phone is a tool. It connects you to the world, enhances your personal security and — for many — it holds a wealth of irreplaceable personal information. Little wonder then that these devices are increasingly becoming the target of thieves. A 2016 study by Recipero (the world’s leading provider of theft and fraud data in the mobile device industry) suggests that a whopping 5% of all devices offered for sale or trade-in in the US retail market were lost or stolen.
The average person loses their cellphone once every year. Lookout Mobile Security Company reports that 44% of cell phone thefts happen because the victims leave their phone unattended in public places. It’s an absentmindedness that’s thought to cost the American public alone $30 billion annually.
ValueWalk's Raul Panganiban interviews William Burckart, The Investment Integration Project’s President and COO, and discuss his recent book that he co-authored, “21st Century Investing: Redirecting Financial Strategies to Drive System Change”. Q1 2021 hedge fund letters, conferences and more The following is a computer generated transcript and may contain some errors.
But what’s the real cost of a stolen smartphone? A recent study by Symantec (a mobile security provider) claims that more than 95% of the time, people who find lost smartphones try to access sensitive data or accounts on those phones; including e-mail, online banking, photos and more. The value of your smartphone may not top $300 on paper, but the cost of lost data, international phone calls, unauthorized online purchases and illicit access to online banking or other accounts can amount to thousands. That’s before you’ve factored in the time, inconvenience and stress involved in trying to regain lost personal data, photographs and contacts. Nearly 10% of us stress when our phones are turned off, imagine the panic involved when we lose that device completely.
The good news is that, as mobile devices get smarter, so too does the technology supporting them. The Internet of Things is fast approaching, and now everything from our cars to our light bulbs have the capacity to talk to our smartphones. The latest development, smart wallets, are no exception. These innovative devices make keeping track of your valuables — including that all important smartphone — a breeze. The days of walking away from the cafe table, office desk, or bar without your phone are in the past. Soon, you won’t be able to get far without your wallet pointing out that you’ve left a very important component of modern life behind.
Article by Volterman