iOS 4.1 Exploit Bypasses Passcode Lock [Video]

A newly discovered security flaw in iOS 4.1 allows you to bypass the Passcode lock on a jailbroken/non-jailbroken iPhone. This's pretty serious as someone who bypasses your Passcode can cause serious damage through long distance calling and your contacts are wide open.

Here's how the exploit works:

1. On the Passcode screen, go to emergency call.
2. Dial a fake number. I dialed #1337.
3. The moment you see the red "end call" bar press the sleep/wake button. You'll need to perfect the 1-2 combo.
4. You'll then be taken to the phone app, with full access to calling and contacts. You can share contacts and that'll launch Mail. Mail contacts exposed too.

[Source]