"Research shows consumers will report the loss of a phone faster than they'll report the loss of a credit card," Wells Fargo's Watson says.
Tsukahara says that's smart, but after a consumer calls his or her phone provider to report the loss, he or she should also call the bank to report the phone lost.
"Most (financial institutions) today can disable any kind of banking or fund transfer capability on your application remotely if they know your device is missing. That locks down your identity from any kind of potential intrusion in the event it is lost or stolen," he says.
In addition, consider installing remote wipe software on the device, Blank says. "You can always disable the phone, but you may have a ton of personally identifiable information on the device. So do what's necessary to wipe that phone," he says.
Many cellphone manufacturers offer remote wipe service to their customers. Consumers also can look for software from recommended websites, he says.