Lookout Projects Lost And Stolen Phones Could Cost U.S. Consumers Over $30 Billion In 2012

PRESS RELEASE

San Francisco - March 22, 2012 - Lookout, the global leader in mobile security, today released findings from the first-ever phone loss study, which revealed that lost phones, if unrecovered, could cost U.S. consumers more than $30 billion this year. As part of the study, Lookout Labs today released the Mobile Lost & Found, an interactive website for people to discover the places where phones are most often lost, the likelihood of losing a phone by region, and the financial impact of lost phones.

Lookout's analysis, from more than 15 million users, found that demographics and behavior are the largest factors influencing phone loss. Over the course of 2011, Lookout located 9 million lost smartphones, which equals one phone every 3.5 seconds. In total, Lookout found that U.S. consumers lose their phone about once a year. If unrecovered, that could cost every smartphone owner more than $250 a year each.

"Each day, $7 million worth of phones are lost by Lookout users alone, and if unrecovered, it would take a significant toll not only on our wallets, but on our psyche too," said Kevin Mahaffey, co-founder and CTO Lookout. "Safeguarding your smartphone starts with protecting it from the number one risk you face - losing it."

What are the odds? People in some U.S. cities have a higher chance of losing their phone: Philadelphia residents lose their phone two times more than New York City dwellers, while San Franciscans and New Yorkers lose their phones three times more than Chicagoans.

Lookout Labs determined the top ten cities in the U.S. for phone loss during 2011, inconveniencing residents' daily lives and resulting in financial losses: