Has anyone else experienced problems implementing CF23 update 24

Yes, we experienced the same issue.  We get this error with the colon in place:

"Error","ajp-nio-127.0.0.1-8122-exec-7","09/10/26","13:46:10","Background Processes","The value ":p_phone_num" contains invalid characters.Only letters, digits, and the characters _ $ # @ are allowed in a SQL identifier such as a stored procedure name or bind variable name (a dotted procedure name may also contain "."). The value was rejected to prevent SQL injection through the identifier.

and this error when the colon is removed:

"Error","ajp-nio-127.0.0.1-8122-exec-1","09/10/26","13:46:41","Background Processes","Error Executing Database Query.[Macromedia][Oracle JDBC Driver][Oracle]ORA-06502: PL/SQL: numeric or value error: character to number conversion error
ORA-06512: at line 1

So, seems like the colon is both required and not allowed.  We had to uninstall Update 24.

​@SammyBridger, it's unclear: have you read the technote for the update, about the changes related to cfstoredproc, and more? If so, please clarify if the available jvm arg mitigation resolves things, and then if so are you asking WHY your code now fails that new security protection? ( Please don't skip to asking that last question here. The first two are important for us to know, for context.)