The author of this plugin has done a great job with this plugin and indeed it is greatly helpful. Thanks for the wonderful job...
Google code tends to update timthumb path code frequently. If you are seeking to keep your timthum scanner up to the latest, this is what you can do.
NOTE: By default the plugin has the ability to download the latest from google code. As for me, i had some problems where i did not get the latest code. As such, this manual implementation was done. If you believe you are getting the latest code, then you can ignore this post.
Step 1 : Go to your plugin and timthum folder in your wordpress
Step 2: Back up a copy of the file cg-tvs-timthumb-latest.txt and call it as cg-tvs-timthumb-latest.backup_txt (just in case)
Step 3: Now delete the original cg-tvs-timthumb-latest.txt,
Step 4: Now we are going to get the latest patch from google code. To do that go to http://timthumb.googlecode.com/svn/trunk/ and download the timthumb.php
Step 5: Rename the file you just downloaded (timthumb.php) to cg-tvs-timthumb-latest.txt
Step 6: Copy the renamed cg-tvs-timthumb-latest.txt back to your wordpress thimbthum plugin directory.
Step 7: Now you will find you have the latest version in your scanner.GO ahead and scan and patch it.
Good luck and keep it safe