Here in the good old UK we have a web service for registering our ‘goods’, so in the event they are lost/stolen and subsequently retreived by Law Enfocrement then they have a means of returning them to you. The website is pretty cool as you can register a large number of items, it is:
Also known as the ‘UK National Property Register‘
But beyond that, how can I track my new expensive Galaxy S5 in the event is goes wandering? Well, first off go to Settings > Security > Device administrators and activate ‘Android Device Manager‘. Once you have done that AND enable Location services on your phone (yeah, yeah, i know!) then you can track it thanks to the magic of Google using this link (assuming you are signed into the same Google account as on the phone):
https://www.google.com/android/devicemanager

What can you do? Simple really, TRACK it or if you want RING, LOCK or ERASE aka Remote Wipe (careful of the last one, deletes ALL data).
I’ll be looking for 3rd party Android apps that provide some better functionality that do not rely upon Location Services. If you know of any please do leave a comment with suggestions.