So it looks like there is a major exploit set to wreck havoc on the Apple iPhone. This is for all Apple iPhones. Wired.com is reporting on it and they are saying that "a hacker could control all the functions on the iPhone, such as e-mailing, dialing contacts — and, most alarmingly, sending more text messages to hijack even more iPhones." This is really scary since from the sounds of it the person who hacks into your phone basically can do anything they want with your phone remotely.
The only thing you can do to prevent it apparently is turn off your iPhone and you know that you are being hacked if you receive a text message with a single square character according to Forbes.
At this point Apple has not issued any patch to prevent the exploit or commented on it as far as anyone has seen. Also please remember as was stated in the Wired article "researchers informed Forbes of the SMS exploit, it’s worth noting they did not demonstrate it to Forbes." So until we actually see someones Apple iPhone or 3GS get hacked or Apple confirm it we have to say take it with a grain of salt.