According to a new study conducted by Lookout, a global leader in mobile security, lost phones cost consumers $30 billion annually ($250 or more per phone) which translates to one lost phone every 3.5 seconds. Given this data, how can you protect your phone?
The details of the study
The analysis covered 15 million smartphone users and indicated that demographics and behavior are the most significant factors contributing to lost phones. In fact, you are most likely to lose your phone at a coffee shop or at a bar and during the hours of 9pm to 2am. In terms of geography, those cities with the highest crime rates are also on top of the list for most lost phones (i.e. Philadelphia, Detroit, Cleveland, and Newark).
What can you do to prevent losing your phone?
You can certainly reduce your smartphone usage in areas in which you’re at greatest risk of losing it: cafes, bars, and the office. But, there is more you can do. The same company that conducted the analysis provides mobile phone security services which include tracking your lost phone. You can actually locate your phone using GPS technology from a PC or another phone. Don’t forget about strangers having access to all of the data too. Lookout allows users to remotely lock their phones and even erase all of the data on the phone. Identity theft is on the rise and this is one measure you may want to consider to prevent becoming a victim of it. In addition, if it is a company phone, then you could be liable for sensitive data being leaked out should you not have the ability to lock it or wipe the data clean.
How much does it cost?
Locating your phone is free but if you’d like to lock your phone or wipe the data, it’s $2.99 a month or $29.99 a year. If you have an iPhone there is an application called Find My iPhone but the lost device must have the iCloud settings enabled (thieves can turn it off). iHound is another lost phone tracking provider which has free and premium services.
Should I still buy insurance for my phone?
Many smartphone service providers offer insurance which typically is $4.99 to $5.99 a month. While the phone locator and data wipe services are helpful and they help to prevent identity theft, it doesn’t mean you’ll definitely get your phone back. Therefore, insurance may still be a worthwhile investment.
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