Today GizModo has published a huge security problem in the latest iPhone 2.0.2 software.
To reproduce the problem:
First, password protect your phone and lock it. Then slide to unlock and do this:
1. Tap emergency call.
2. Double tap the home button.
Done. You are now in your favorites. Here you have full access to your favourites calls and contacts. Then, from a contact if you tap on the blue arrows next to the names, it will give you full access to the private information in a favorite entry. And it goes downhill from there:
- If you click in a mail address, it will give you full access to the Mail application. All your mail will be exposed.
- If there's a URL in your contact (or in a mail message) you can click on it and have full access to Safari.
- If you click on send text message in a contact, it will give you full access to all your SMS.
To solve this problem:
1. In the iPhone home, go to Settings.
2. Click on General.
3. Click on Home Button.
4. Click on either "Home" or "iPod" ("Home" is recommended).
Obviously, this problem is a risk only if you loose your iPhone or if you give it to bad hands... 
Apple is alerted and it will fix the "bug" in the next software update.
iPhone users alerted... 