Kaspersky Lab, a cyber security company, has noticed the first virus to land on the Android OS. The virus sends SMS messages to premium rate numbers without the user's knowledge. They believe that the application is built to pull money from users and give it to cybercriminals.
Kaspersky Lab found that the virus was specifically targeted at Android phones. It's named Trojan-SMS.AndroidOS.FakePlayer.a is reported to be distributed by a message that tells users to download and install a small 13KB media player.
The report does point to two malicious attacks targeted at the iPhone, however both were said to be aimed at jailbroken phones. iSmashPhone reported on those, and has some tutorials that will help users get rid of those worms: Link.
There was also a recent Android wallpaper app that seemed dangerous at first, but was later declared safe.