An iOS 6.1 security vulnerability was recently discovered and documented (via the below video) shows that it is possible to bypass the screen lock without entering the required PIN or password. This latest vulnerability is similar to a security hole that was discovered in iOS 4, and comes just days after Apple acknowledged a bug that is causing hell for connected Exchange servers.

While this new security hole only allows you access to the iOS phone app, and does not allow full access to the devices data it does allow you access to contacts, where you can view as well as edit contacts without authentication.

To exploit the vulnerability you must execute a series of fast fingered power, home, and on-screen button presses, but as you can see in the video below it is trivial to perform.