On Thursday Symantec released a free security application for the Android platform to help users combat against malware and phone thieves. Called Norton Mobile Security (NMS) Lite, the new suite goes up against Lookout Mobile Security’s own popular offering which provides similar anti-malware and anti-theft services for Android.

“In the same day, a smartphone user can stream their favourite music station, get the high score hurling birds through the air and then file their taxes online.  Having Norton installed means feeling equally confident regardless of what you do on your mobile phone,” said Dave Cole, vice president mobile products, Norton. “Norton Mobile Security Lite protects confidential information and offers basic mobile protection from the most trusted name in security – which means your device is safe and you’re worry-free.”

According to Symantec, NMS Lite protects users on three fronts. First, it will remotely lock your lost or stolen device via SMS text and prevent strangers from seeing your private information or running up your mobile bill. Second, it will scan all files and app updates downloaded to the mobile device and automatically detect and remove threats without slowing the device down. And finally third, it will download and install security updates automatically, keeping you “a step ahead of cybercriminals.”

By comparison, Lookout Mobile Security’s free software offers anti-virus, anti-malware and anti-spyware protection. It will also backup the device’s contact book and restore data to an existing phone. Lookout will also find a missing phone (locate and “scream”) and come with standard support. Naturally the Premium version offers a more robust suite of services for $2.99 per month or $29.99 per year which includes blocking phishing and malicious websites, photo and call history backup, remote wipe and lock, and more. To see a comparison of the free and premium versions, head here.

As for Symantec’s premium flavor of Norton Mobile Security, it will require an annual subscription for $29.99 and add additional features like the ability to remotely locate or wipe the device, block unwanted calls or text messages, block phishing websites used to steal personal information and money, and more. At the time of this writing, a detailed list was not provided.

“There are 42-percent more mobile vulnerabilities today than the previous year,” Symantec claims in Volume 16 of its Internet Security Threat Report. “Additionally, a recent Norton survey found that 36 percent of consumers in the U.S. have had their cell phone lost or stolen. It’s clear that there is a growing need to protect consumer mobile devices now more than ever.”