Google is rolling out an update to the Android Device Manager service. Now we will be able to set a password to lock the device while we try to locate it. That's really nice, so not only the option to wipe the device. Google hasn't announced this update yet, but it will hopefully be available for all soon.
Previously, if you wanted to prevent your data from getting into someone’s hands, you either had track the device and hope that the person would get into it, or wipe the device. Now, you can set up a password to lock your device down, while still being able to track it.
Source / Via: Android Device Manager Updated With Device Locking and Password Changing