Original post
here.
Long story short: Malicious website can have code that will activate hidden commands on your phone (dialer codes). This could include resetting your phone back to factory default, wiping your phone!
I've confirmed that our Samsung Galaxy Proclaim is vulnerable if the code sent from the website uses Verizon's dialer code. The linked post has a demo that uses a Sprint dialer code so it won't affect your phone.
So in short... careful as to what websites you view with your phone.
==UPDATE==
We might not be as bad off as others. I have been successful in getting some codes to automatically activate on my phone, but none that reset the phone back to factory defaults. Not saying it isn't possible though (I'm still new to the Proclaim).