they can impersonate you , but they wont lol
you can withdraw money without a card in your bank
i am quite familiar with this occurence, except for my wallet was returned all the time, only loss is the card cancellation fee, I didnt have any money left in the wallet by the time I was pickpocketed
best case scenario theyll throw away your wallet and someone walking the dog find it and will contact you via facebook or such
if you phone was stolen too you should change your password that is all ( or change just the master pass )
better luck next time, dont leave your shit unattended