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The Inquirer: A security researcher who uses the handle Pod2g has revealed that every version of the Apple iPhone, including the most recent, is vulnerable to an SMS spoofing attack. A bug in the way Apple implements SMS could allow a hacker to send a message that appears to come from anyone. A hacker could send an SMS phishing ("smishing") message that appears to come from your bank in an attempt to gain your login or account numbers, or fake messages could be used in court cases, Pod2g notes.
Apple has acknowledged the bug and encourages users to use iMessage to avoid the problem.