Thieves love smartphones. They're easy to snatch, easy to conceal, and most importantly, easy to resell.
If you're the victim of a smartphone robbery, you have more to lose than the phone itself. The thief may attempt to use or sell the personal data stored on the device to make fraudulent purchases or otherwise steal your identity -- and maybe empty your bank account.
There are two things every smartphone user should do to minimize the damage resulting from loss of the device: lock the screen and activate a remote-location and remote-wipe service.