French jailbreak developer and security researcher pod2g finds that every iPhone firmware revision, even iOS 6 beta 4, is susceptible to a flaw that theoretically lets a ne'er-do-well spoof the replyaddress of outbound SMS messages.
As Apple is using the reply-to address of a message's User Data Header to identify the origin rather than the raw source, receiving iPhone owners risk being fooled by a phishing attack (or just a dishonest acquaintance) that poses as a contact or a company.
It's been writing to people here and inviting them to reply to a London Freepost address, but the FSA says it's not officially authorised so anyone investing should be very very careful - they're not covered for any compensation should things go wrong.