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the truely right way of doing that is having a digital key, not a password, that is part of your keyring, which do not reside on the phone, and be able to revoke that key when you lose the phone additionally that key should be protected by e.g. your PIN code although its quite crappy its better than nothing

note that the key is only there in my post because its way easier to revoke and regen than to memorize a new complex password every time.

ideally the phone should also be encrypted with a non trivial key (not your PIN)




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