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Phone gets stolen and wrapped in tin foil to 'hide' it and at some stage the fraud starts. It's a nightmare for the owner.
Turn on theft detection and offline device lock, eg https://support.google.com/android/answer/15146908?hl=en-GB
I did, and it was surprisingly easy tbh, multiple work and personal accounts with different banks. Some were even able to block apple pay and any transactions made that specific phone/app.