However, thieves in Brazil might have found another reason to steal iPhones, and that is to access your bank accounts. According to Brazilian newspaper Folha de S.Paulo, usually the victims of smartphone theft are those who use Android phones in their car with Waze enabled, but it seems that thieves in the country lately have turned their attention to iPhone users again.
This is because apparently once the thieves have stolen the iPhone, rather than just reselling it, they use the phone to hack into their victim’s bank accounts. It’s interesting because it is unclear how they do it. Usually banking applications are secure where even if your phone is unlocked, they might require a separate authentication or login to work, presumably to deal with this exact scenario, so it is a mystery how these thieves are managing it.
According to the Brazilian Bank Federation, “In order for banking applications to be used, the use of the customer’s personal password is mandatory. The application’s usage data, as well as the customer’s password, are never stored by the bank’s applications on the customers’ cell phones.”