iOS security loophole allows access to passcode-protected iPhone
A security hole in Apple iOS 4.1 allows anyone to bypass the passcode screen and access certain functions of the iPhone.
To do that, you must hit the “Emergency Call” button when faced with the passcode entry screen, enter a random number, press the “Send” button and the device’s sleep button – all in a quick succession – and the deed is done.
According to the DailyTech, you can now access the user’s Contacts, Call History, Voicemail, and the Dialer, and even the Photos application if you press the “Share Contact” and the camera button.
It seems that the hole is not present in the beta version of the next big release (v. 4.2) of iOS, which could indicate that Apple already knows about it and has moved to close it.