iPhone passcode security can be bypassed in less than two minutes [video]
The chances that someone would have such a tool may be slim, but the exploits we use to root/jailbreak can also be used for bad reasons, ie identity theft. With these smart phones now having everything about our lives it is easy for a no good person to get this and go wild. So here are some saefty tips:
Android users If you have a rooted device you can do a nandroid backup and copy the backup to your computer.
Iphone users back up your data with itunes.
Mke sure to install and enable an app/program that has remote wiping features. If you have your device backed up (either with itunes or a nandroid backup) you can restore your data later. I will edit this op to post recommended backup and wiping apps for android and apple.
I see google has a way to do it with out an app.