A security vulnerability that allows a hacker to access personal information when the user simply clicks on a web-link with their Android phone has been found by Xuxian Jiang, a computer security researcher at NC State University. The exploit allows a malicious Web-site to read and upload the entire contents of the phone’s microSD card, including saved voicemails, photos or online banking data. This vulnerability is similar to one found on all previous versions of the Anroid OS, and Google thought they had it fixed with Gingerbread. Unfortunately, Mr. Jiang found a way to bypass their new security measures. According to Sources, the best option to protect yourself from this vulnerability is to switch to a third-party browser, such as Firefox, until Google develops a fix.
Yikes! It's a good thing it was found by a researcher before some unscrupulous Malware hacker figured it out.
Source: Engadget