What if my phone gets lost or stolen? Can the thief who stole my phone also steal money from my PayPal account?
No, as long as you take measures to keep your PayPal account safe. The thief would need your mobile PIN or username and password to confirm payments. If you keep your phone number, you need to change your PayPal Mobile PIN so that no one can access your PayPal account. If you change your phone number, you need to delete the previous number from your PayPal account.