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CitiBank Acknowledges Security Flaw in iPhone App

By Admin on July 28, 2010 | Last updated on March 21, 2019

This week CitiGroup issued a report warning users of their iPhone app that security loopholes allowed their data to be stolen by third parties.

The iPhone app, iTunes 11th most popular app contained a security flaw that stored data to a remote file on the smartphones internal memory. Citigroup noticed this flaw and notified customers about a week ago.

By exploiting the flaw, hackers could access person information including security codes, account information, transaction details and other sensative data. However, so far, there have not been any confirmed reports of data being accessed by third parties. "We have no reason to believe that our customers' personal information has been accessed or used inappropriately by anyone," said the financial group in a statement.

Citigroup suggested that users update their app or download their new updated app designed to correct the flaw. Security experts call this type of risk "leakage," when users confidential data gets saved by wireless applications on smartphones and computers. Problems such as these are part of a growing issue with online security. As technology grows more and more consumers opt to share sensitive data online. "Most consumers and app developers don't know what is happening in their apps, because it is moving so fast," John Hering, chief executive of mobile security provider Lookout said to the Wall Street Journal.

It is difficult to completely keep your data from being stored online and in mobile applications and even even without the Internet, security risks are a part of life. However, it is advisible to remember to take standard precautions when sharing sensative information online such as:

  • Using complex passwords
  • Never sharing passwords
  • Never sending passwords by insecure methods such as email
  • Using anti-virus software
  • Avoiding accessing sensitive information from public wifi hotspots

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