Even if they manage to keep the phone unlocked, and even if they manage to get to a safe spot before I am able to lock the device remotely, they still can’t access any banking applications because they require the PIN/biometrics to get in, even on an unlocked phone.
one of the reasons mobile phone theft is so lucrative, because people are so obliging to keep their entire financial information downloaded to a single device
[Citation needed]
The most common reason for mobile phone theft is to wipe it and sell it, or just dismantle it for parts.
No common thief is going to be trying to break into an iPhone’s security system to get to someone’s banking data.
Wait… Is this actually why they chose the “ml” domain?
Anything is possible with enough time. Which is why you force log-off all your apps and remote-wipe the device if your phone gets stolen.