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Yes, and set "Erase Data" on so there's a ten-try limit on the passcode before it wipes the device.

I've wondered about that feature. Let's say a "friend" grabs your phone and starts hitting random numbers and does it ten times. The phone will erase. Since you are the rightful owner, are you able to restore that phone via iCloud or iTunes or did they do it in for good? I've a password on my phone, but it seems like a resourceful thief could eventually get in if they're patient enough with the 4 number combination (don't have a 5S or I'd make the password alphanumeric). It's tempting to limit the tries to 10, but was concerned that some child (or childlike acquaintance) could wipe my phone if set to erase after ten tries. Will backup restore in this case?
 
I've wondered about that feature. Let's say a "friend" grabs your phone and starts hitting random numbers and does it ten times. The phone will erase. Since you are the rightful owner, are you able to restore that phone via iCloud or iTunes or did they do it in for good? I've a password on my phone, but it seems like a resourceful thief could eventually get in if they're patient enough with the 4 number combination (don't have a 5S or I'd make the password alphanumeric). It's tempting to limit the tries to 10, but was concerned that some child (or childlike acquaintance) could wipe my phone if set to erase after ten tries. Will backup restore in this case?
Keep in mind that after about 5 tries the phone gets locked up for a minute and after that if another incorrect try happens it gets locked up for 5 minutes and then 15 after that and going higher beyond that. So getting 10 incorrect tries might be something that would take a better part of the day with the phone locking up for a whole each time.

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Rip koolaid's iphone.. They will most likely sold for parts or try to craigslist it and scam an innocent yet dumb buyer who doesn't realize it's locked and linked id ready.. Smh
Getting a stolen phone back is very rare. It is very likely that the thief has already taken the phone apart and stripped the parts that have any value.
Seems like it all actually worked out after all: https://forums.macrumors.com/showthread.php?p=18821302#post18821302
 
Since you are the rightful owner, are you able to restore that phone via iCloud or iTunes or did they do it in for good?

Just wipes the data on the phone. You can restore a backup to the phone and you'd be fine. (which is a reminder that people should be backing up their phones regularly)

As others mentioned, unlike the old blackberries, after the first few tries there's a wait imposed before you can try the passcode again. It'd take a very determined individual to get through all ten attempts.
 
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