Thanks for posting!!
It's bad enough that they can use your minutes until you report it stolen, but I really hate the fact that they have your whole address book!!
I looked it up to see if it works on all mobile phones. Sounds like it works on some (but it was sort of techy and I wasn't sure if mine fit the bill). Here's some more detailed info on it if someone can decipher better than me.
http://www.snopes.com/crime/prevent/celltheft.asp