Just when Apple accepted the fault in the Exchange servers with iOS 6.1 and issued a fix for iPhone 4S 3G problems, a new set of problems have risen for Apple. It seems that you can bypass the Passcode or screen lock on your iPhone and access the contacts, voicemail, images or pretty much everything. This is getting serious.
More on the iOS 6.1 flaws, a security hole has been found out by a user in the iPhone 5. In fact he has posted a video on Youtube detailing the mechanics of doing it. It seems that by making a emergency call and holding the power button down twice you can break into a iPhone and see the contacts, modify them, check your voicemail, and look through your photos (by attempting to add a photo to a contact).
A similar flaw had occurred way back in iOS 4.1 which the Apple fixed in 4.2 version.
With this problem, Apple seems to have one to many for its comfort.
Check out the video detailing the process and post your comments on it.