Originally Posted by BlitzSix
If they typed it wrong 5 times, then the phone does a master reset, so all my stuff is gone right? BUT, they can still boot the phone up and then make calls right? It will be like a brand new phone, with none of my stuff on it?
Here is where you will be happy that this is a device with security in mind. There is something called a security policy that gets applied to your device when you change some of those security settings like enabling a password. This cant be erased!!!! it is part of the OS and even after a wipe it will retain the security policy and prompt for a password. Now there are ways (very technical ways) of erasing the policy from the device but it does take a tech knowledge and some time. so worse case they can if they are smart enough to wipe the security policy back to a default one.
Also the other thing is that lets say you had a AT&T phone and they had a AT&T phone they can take their SIM from their phone and just use your device as a glorified PDA. If they ever register it on the network for data or BIS and you have marked the PIN as stolen then they wont be successful.
I would still call your provider and tell them you think it is lost can they put a temporary hold on the account and notify you if there is any attempt to use it. I know this stops you from being able to call it to figure it out but stops a $200 phone bill as well. even local calls could get quite steep.
this is also why it is important to put a IF lost call xxx-xxx-xxxx on the home screen when you lock it so that if someone honest finds it they will return it if not then you know its gone forever.