Your smartphone may facilitate you to configure settings so that you can wipe the phone data remotely. This is very handy to format your mobile in case of a loss.
This feature can be located in your mobile’s settings or security or anti-theft tab. You can also set a third party app for remote wipe. You may be facilitated to set an alternate number from where you can send a wipe command. But remember, somebody having access to your mobile can change the remote wipe settings, so in case of a loss, be quick to execute the remote wipe command at the earliest.