oh yes, and are there any charges?
YES. WaveSecure is based in Singapore so every time you send a command to your phone (track, lock, etc.) it charges you 20 cents for an international text message (NOT included in unlimited text plans.)
Luckily I figured this out early and use Mobile Defense instead. Mobile Defense doesn't let you wipe/backup data like WaveSecure, but you can track and lock remotely, as well as install it as a system app so it is not visible and not uninstallable from the phone