What precautions do you take to safeguard your mobile phone?

Many people are roaming around with costly mobiles and more than that they have valuable and important data in it which they use time to time for various online activities like making payments, ordering items from online stores, storing pictures in cloud or SD card etc. Most of the time people keep the mobile phones in hand but at times they simply put it in the pocket or the bag if they are carrying one. Losing mobile phone either by carelessness or by way of theft is a big problem and then one has to report it in the police station for searching it and in most of the cases go for a new phone. The valuable and important data that was in the mobile is also a matter of concern as it can go in bad hands who could misuse it. What precautions do you take to keep your mobile safe especially when you go out? Please share.