An attacker could exploit the hole to make calls, steal data, send text messages, and do more or less anything a person can do on their iPhone, researchers Charlie Miller and Collin Mulliner claimed at the Black Hat security conference in Las Vegas.
That's certainly not good. And it's not limited to just the iPhone.
Meanwhile, a bug in the code written by HTC that controls the user interface on Windows Mobile devices could also be exploited via the SMS messages to create a situation where there are no buttons to push, so the phone cannot be used, said Miller.
Yep, that's bad. The good news is that Miller and Mulliner say it would take a couple of weeks for someone to compile the code needed for such an attack, and they're working with carriers and manufacturers to patch the exploit.
So are we worried? Not too much. It sounds serious, certainly. But we're not going be pulling our batteries while we sleep. If it's that bad, the carriers and manufacturers will patch it.