Ever since phones became pretty immune to reselling-theft (steal phone, reset it, sell it) people have been snatching phones and trying to empty crypto, banks, etc before it locks. Some apps don't reauthenticate.
Bonus security on iPhone - if you long-press on any app, you can click "Require Face ID" and it will make thieves need your face again to open bank or sensitive apps. I did this for all my financial apps amd also email so they can't reset passwords. It isna minor inconvenience but would hopefully prevent an unlocked phone from being stolen and having bank accounts emptied.
Interesting point. The article linked in a sibling comment (about 2025 thefts) suggests that they are being resold. Which makes sense if it's a $2000 product that's so stealable. But I do recall there being a lot of difficulty resetting a phone that isn't yours. Do you feel the is article wrong? Are there ways around it? Is "pretty immune to reselling-theft" a newer feature than 2025?
Activation Lock now extends to the serials of the parts inside every iPhone since Apple knows the S/N of everything. If you pull the battery off an Activation Locked phone and put it in another phone it's going to freak out and complain the part is pairing-locked and won't pair to your device but it'll be baseline usable. You'll just keep getting nasty nags in the Settings letting you know you're using stolen parts.
As of iOS 27 beta, there's now an additional "partner finance lock" status that will also be an available parts-lock status (to prevent a 'leased' device from being parted out).
If I have your unlocked iPhone, I could probably reset your Apple ID because I have access to your email and your texts so I can reset your Apple ID password unlock your phone unlock. Remove it from Find My and reset it.
It makes me wonder if there’s some way to put a third lock on there that’s not normally unlocked.
I’m almost sure that you need some password or biometrics to reset Apple ID, change Find My or change biometrics. Moreover if you don’t trust FaceID you can easily lock it (to ask for password instead of biometrics) when needed.