With a few button presses, you can bypass the iPhone’s lock screen pretty easily, thanks to the bug/flaw currently exists on the iOS 4.1. Thankfully, you can only have access to the Phone app, although it means that whoever steals your iPhone will have access only to your address book, recent calls, and all that. If you don’t believe it, try for yourself (I did).
Apple has confirmed that it will be fixed on the next iOS release, in November.
How to bypass iPhone’s lock screen
- When your iPhone goes into locked mode, turn it back on from standby/sleep mode (by pressing the power or the home button)
- On the Lock screen where you need to enter the passcode, press on the Emergency Call instead (imagine you are the thief).
- Enter ### (three pound/hash buttons), press the green call button, then press the power button immediately.
- You will then bypass the Lock screen and have access to the Phone app!
A bit scary, isn’t it? At least, it’s “only” the address book and they can’t access your apps (which may have auto log-in to certain private services like Google Docs, Gmail, etc).
And, oh! I forgot to mention. Since you were being naughty in trying this out, you have to restart your iPhone to get out of the current screen *evil laugh* 
Source: Wired
{ 3 comments… read them below or add one }
I heard that the problem is more serious. They can even access to the call history with voice mail, and the photos, is this true?
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That’s what I heard too (about the photos). Call history is part of the Phone app
wow i dont have an iphone but everyone i know does! i do business on my blackberry….i will deff try this next i have my hands on a