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You mean like automatically erasing the device after 10 incorrect passcode attempts?

That option has been built in to the iPhone pretty much since the beginning.

No. An example would be automatically erase if the device has not been unlocked in 3 days.

This would be inconvenient at times.

-To most users, probably. But if you are a high-ish profile target, the (potential) inconvenience is probably worth the effort for the added peace of mind.

After all, when was the last time you spent three days without fondling your phone?

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