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Originally Posted by Ipheuria
Good read so far. If you got the text message instead of turning off the phone what happens if you just delete the message? Also I know if the person takes over one iphone they would have all of that person's contacts but really are they going to text all of those contacts to find another Iphone? How long would it take someone using that method to get to me lets say? I'm just wondering how big of a threat this could be?
Also why do people put credit card numbers and other secure info on their iphone? or any other electronic device?  If it's in digital form it can be stolen or accessed unless you encrypt the hell out of it. I just would NEVER put my credit card numbers in any digital form. I have "1 Password" on my Iphone but the only passwords I put in there are passwords to simple things that would lead to forums. I also never put both my username and my password I put only one, whichever I can never remember, since one is useless without the other.
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I agree completely with your first paragraph but I gotta say that I am one of those people that push technology because I want to one day just walk out of my house only with my mobile and it serve as my i.d. and money transaction conduit like my debit card. I know we're not there yet but last summer I used my mobile in Tokyo to purchase lunch while I was there for work.
We're not there here in the US but I know Nokia is working on Nokia Money. People will put secure information on their devices and I'm one of those because I trust my device(Iphone has hardware encryption), can remote wipe data with mobileme in seconds, and even if someone would gain access, my bank will not hold me liable for fraudulent charges.
The bigger picture is that Apple needs to get its sh!t together and should have a patch before the how-to is broadcasted to the world.