If you're one of those iPhone user's who doesn't let your phone install it's updates, instead opting to let the little number "1" sit over top of your "Settings" button, then you may want to reconsider.
The first legitimate iPhone hack has been uncovered. Hackers are sending iPhone users link's in the form of text messages warning of overdue bills, and credit card charges. When that link is opened then the hacker can silently listen in and view all communication from that point on.
Apple has released an update to correct the vulnerability. To check your phone and make sure you have that update installed go to "Settings"->"General"->"Software Update". Once you go into there it will begin checking for any available updates. You will either be told that you're up to date or that an update is available. Just follow the on screen instructions to install the update.