Is there an app that erases your phone remotely if you loose it?

[MakeMoves]

Too bad I didn't implement one of these. Lost my touch last week with some very sensitive videos on it. lol

I thought I would be ok wit microsoft MyPhone but you have to pay for it to get the features other than backup.

Don't think you can pay for it after you loose it because you have to activate with a text message to the phone.

So which one is best?