I feel something more should be done about lost and stolen iPhone's. On apples part, to be honest.
Far too many lost/stolen iPhones are becoming useless and being sold and used for parts.
Maybe some sort of security reguarding the sim registered to the phone.
As most of us will probably use a passcode on our iPhones. It renders find my iPhone useless.
Because when the device is locked with a passcode, the only way to bypass that passcode is to restore the device.
And once the device is restored, the find my iPhone feature is reset and no longer active.
So maybe we should not use the passcode. Instead use a wipe all personal info feature. Which leaves all tracking services intact. And allows the theif to use the phone un-knowingly.
Anyway, like other people have said. The only thing you can do is contact your network provider and get the IMEI blacklisted.
If the phone is blacklisted in Europe. The IMEI will be blacklisted on all networks in Europe. Rendering the device an expensive iPod.
Australlia have their own blacklist which sadly isn't linked to the European blacklist database. So yes blacklisted European phones will work in Australia and vice versa.
Im not 100% sure about the blacklist in the USA but by the sounds of it. Its very relaxed.
Eventually the blacklist database will be global. And stolen phones being shipped will no longer be an issue.