It's one of those wallets that finds a sweet spot in security and convenience, combining their passwords, passphrase, and even touch IDs to secure a mobile wallet like I've seen it. If you do enough to protect yourself from access to your phone, there is very little chance that anyone else will be able to use your wallet. Their user data and currency data are not kept on centralized servers. This is a decentralized wallet solution.
If it provided us with security, no one would be able to complain.