The Passcode Lock implementation in Apple iOS before 6.0.1 does not properly manage the lock state, which allows physically proximate attackers to bypass an intended passcode requirement and access Passbook passes via unspecified vectors.
Apple Security Advisory 2012-11-01-1 - iOS 6.0.1 is now available and addresses an information disclosure issue, a Passbook bypass, an arbitrary code execution vulnerability, and more.