As bad as that sounds, there are hints that things are getting better. The voluntary addition of remote kill switches has reduced theft rates in some cases, and state laws requiring those switches are likely to improve the situation further. According to the FCC, the biggest challenge is convincing foreign carriers to block stolen American phones. If they do that, there's less of an incentive to swipe your phone and put it on the international black market. Muggings and break-ins won't stop even if the regulator gets its way, but the hope is that thieves will at least think twice before they grab the device in your hands.
