Version 2.0.2 of Apple's iPhone Firmware allows anybody to break into a given iPhone within a few seconds as long as they have physical access to the phone.
The trick (or as it is called, a major security flaw) was revealed by Macrumors and is quite easy to follow. Set the iPhone to use passcode lock. Slide it to unlock and tape the emergency call button followed by a double tapping on your home button.
This would then bring you in the iPhone's Favourites section, but this arguably opens a Pandora box since it would allow the intruder to have access to the iPhone's address book as well as a slew of other applications including the SMS feature, the Safari Browser and the Email application.
Version 2.0.3 should solve this rather clumsy if not embarrassing flaw although simply setting your home button to your iPod section for example would make this "security flaw" worthless.
What's more troubling though is that this vulnerability was supposed to be fixed by Apple since the beginning of the year both on the iTouch and the iPhone and obviously, something went wrong.