Good news for android users, Google will soon roll out a free app called Android Device Manager that will help locate the lost phone and also provide other features like erasing personal data on the lost handset.
This locate my handset kind of facility is already available on iPhone and Windows powered phones. And now Google Android will also provide the same. Probably this app may come preloaded on new handsets.
The free app will soon get listed on Google Play and will work on Android 2.2 and above versions. The Android Device Manager app will help you secure your handset. If your device gets lost or stolen you can easily erase the data remotely. The app will also allow users to ping the device, i.e. make the phone ring (loud) even when on silent mode, for those who know that their device is in their house but not able to find it.
You can not only remove sensitive data from the handset but also track it online from your computer in real time only if the device is switched on. This will help you recover your lost phone or if you cannot then there is an option to wipe the data.