Samsung smartphones including the Galaxy S3, Galaxy S2, Galaxy Ace, Galaxy Beam and Galaxy S Advance all appear to be affected by the bug which triggers a factory reset on your phone if your web browser is pointed to a particular website.
Smartphones can also be directed to the code through NFC or using a QR code. Once the process has been initiated, users are have no way of stopping it.
The hack was unveiled at the Ekoparty 2012 security conference in Argentina by Ravi Borgaonkar, a security researcher at the Security in Communications department at Technical University Berlin. As you can see in the video below, the hack was accomplished using a simple USSD code, which could be sent from the infected website.
Only Samsung smartphones running the company's proprietary TouchWiz user interface appear to be affected.
According to telecoms engineer Pau Oliva, the Samsung Galaxy Nexus is not affected, as it runs on stock Android and doesn't use the TouchWiz skin on top."