Android :: Terrifying Lack Of Security On Devices

I've recently bought a HTC Wildfire and absolutely loved it and the concept of android.But as a long-time computer user the seeming lack of security is freaking me out a bit.I've read the guidelines about what services and application has access to, but just about every single application asks for access to things that are worrying.So it's mostly a matter of install and pray.The advice is, to listen to android community feedback about particular applications. Obviously some applications have become well known and legitimate. But unless I'm mistaken, there doesn't seem to be any way to find out if any application is Malware.the only way a person would know, is if they had their identity stolen, their passwords stolen, or money stolen from their bank account.