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Make sure you have service pack 2 installed and then check the following:
There are two parts of the Exchange that can make your Exchange server an open relay, the Default SMTP Virtual Server and SMTP connectors. You need to check both to ensure that you haven't configured them wrongly and turned your machine in to a spammers target.
Default SMTP Virtual Server
To check or correct the configuration of the Default SMTP Virtual Server:
Start Exchange System manager (ESM)
Expand Servers, <your server>, Protocols, SMTP.
Right click on "Default SMTP Virtual Server" and choose Properties.
Click on the "Access" Tab.
There are four buttons, click on "Relay..." at the bottom.
Ensure that "Only the list below" is enabled and the list is empty.
If you don't have users sending email through your email server with Outlook Express or another POP3 client then you can disable "Allow all users that successfully authenticate to relay regardless of the list above".
Apply/OK until all windows are closed.
SMTP Connections
Start ESM, then open Connectors.
Right click on each SMTP Connector in turn and choose Properties.
Click on the "Address Space" tab.
If you have a "*" in the address list, check that "Allow messages to be routed to these domains" is not enabled.
Apply/OK until all windows are closed.
Once you have made the changes, repeat the telnet test above to ensure that you have closed everything.
Last Answered:
Nov 1 2007 8:53 AM GMT by B00M3R 
1190 pts.