This question has come up several times in tweet streams and informal conversations. I am going to post a detailed answer here. It will be longer than a tweet or a paragraph, because this is a deep issue. Please give me a day or two to write it.
(Revised March 5, 2019) A formal answer to this question is now published in the Sovrin library, at https://sovrin.org/wp-content/uploads/2019/03/What-if-someone-steals-my-phone-040319.pdf.
I realize the chances of me recovering it are slim to none. I have find my iPhone on it, but it says the phone is offline and when I call it goes to voicemail so the phone was turned off. I set up lost mode through the app so it leaves contact info and a message.
What are my next steps? The phone was password protected, did not turn on the option to wipe after a certain number of attempts. They won’t get in by brute forcing my PIN, but can they wipe it using unauthorized methods?
Thinking about reporting it stolen but I believe that shuts off the mobile service on it, and find my iPhone on the phone would be rendered useless.