The wrapping doesn't really work because they have the right to open your luggage. ANY airline has the right to open your luggage. Ezeiza is famous for scanning bags for electronics which are very expensive bought new here, so there is a VERY strong black market for them. In the states a used iPod will net you $20 here you can get $100 for it USED.
The plane lands, the luggage starts coming out immediately. You have to stand in customs for up to 2 hours depending on the traffic when you come in and sometimes your luggage still isn't on the turnstile when you get out, so yes, they do have time to check your bags for valuables. They are not interested in clothes, books or toiletries. They want electronics and jewelry, which some people keep in toiletry bags. If your toiletries are visible in zip lock baggies and you don't put anything of real value in your your checked bags you should be OK. Electronics go in your carry on. That way you don't really need locks or wraps, which only make them think you have something in there to protect any way. An unlocked bag is ASSUMED to have nothing of value in it most of the time....