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TUAW reports that there is a new OS 4.1 security bug



If you've got a passcode entry set on your iPhone, you might think it could block nefarious or mischievous people from accessing any part of your iPhone. Not so. We've been made aware of a security flaw in iOS 4.1 that allows users to bypass the passcode entry screen and gain direct access to the iPhone's Phone app. It's not just hype either: this is easier to pull off than the Konami code.
  iOS 4.1 security bug: bypass passcode entry and access Phone, Photos apps