Reset to default function on most phones...
Also many phones can be wiped remotely. I know as a Blackberry administrator for the navy I could remotely wipe any misplaced phone or if needed we could "brick them" disabling the operating system for stolen phones.
Trouble is if a phone is conveniently wiped then if the investigation changed from administrative to legal, then now you get hit for destroying evidence and obstructing justice.
Handing over a company phone is one thing, but nobody should ever turn over their personal phone, unless required by law.
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