Software to prevent misuse of information on theft for i-phone

Phone thefts have been on a raise and it is very little that one can do if his phone is lost .  What makes it worse is the misuse of the phone data and contacts .  Apple has made a serious stride into the same and is trying to develop a software which will block the contents of the phone on detection of theft .
How will it detect ?
It’s not the old version techniques but 007 style face and voice detection . The user will be made to speak and the voice is compared with recorded owner’s voice , thus detecting becomes easier. Primarily what they are working on is the heart beats of the user which will be compared with the owners heart beat  . One’s found that its not the owner then consequent steps will be taken .
What happens after detection of theft ??
If detected , it will automatically shut down the sensitive information such as address books, email, passwords and text messages will be deleted .
What do I do if I have to lend my mobile ?
One can always switch off the service by going into the settings tab . This will stop the i-phone cop from working .
But it is always safe to have it on , at least the misuse of contacts and information cant be done on theft . It expected to be launched soon.