iTag is launching a free service–in the future, the pricing will be based on a freemium model–to help users recover lost or stolen phones through the device’s GPS and wireless connection. Not unlike Microsoft’s My Phone service for Windows Mobile or Apple’s Mobile Me for iPhones, iTag is currently available in beta for Android phone owners and we were impressed with the technology and features for a free service when we spoke with the company at CTIA.

Some key features of the iTag service include:

- Locking the keys so no one can use the device

- Backing up and restoring the phone’s address book

- Ensuring security of private and confidential information by permanently deleting all the phone’s data

- Sending a message to a friend that is closest to a lost phone, allowing them to help retrieve it

- Permission based mobile social networking features allows a consumer to see the location of friends and family

To try out the service, you can visit the iTag sign-up page to get more information.

iTag is already planning on bringing additional features to the list and all the features are free if you sign up for the beta right now. If you’re an Android user, it can’t hurt to have the insurance of knowing you can lock your device or wipe your phone if it’s ever stolen, and that you can quickly locate your phone through a web interface.

Beyond what Mobile Me and My Phone offers, iTag is really looking into the social aspect to make the service about community for the future. You can readily obtain the whereabouts of your lost or stolen phone and find other users in the nearby area and ask them to join forces and help you locate your smartphone. With permissions, you can also see the location of your friends and family. The possibilities are out there and it’ll be interesting to see how the company balances fun, play, and usefulness of the social features with the security of knowing where your phone and data is.