Citi Alerts Customers to Security Flaw with iPhone Banking App
CREDIT: Citigroup Inc
Citibank has told customers using its free iPhone or iPod Touch banking app to upgrade to a new version because of a security flaw.
About 117,600 customers who downloaded the app since March 2009 had their account numbers and security access codes saved to a hidden file on their smartphone or music player, the Wall Street Journal reported. Those who synced their iPhone with their home computer might have also unintentionally saved the sensitive information there.
The new version of the app, released July 19, does not stow users' banking info and deletes previously stored baking info.
Citi does not believe that criminals exploited the security flaw , which was revealed in a routine security review, and that clients should be unaffected, according to the Wall Street Journal.
Nevertheless, the security snag does highlight the risks that come with the skyrocketing use of apps , or downloaded software applications, for monetary and other personal transactions online.
John Hering, CEO of mobile security provider Lookout, told the Wall Street Journal that his company continues to uncover apps capable of exposing or leaking hush-hush personal data .
"Most consumers and app developers don't know what is happening in their apps, because it is moving so fast," Hering said. "Apps are proliferating so quickly. We will see more and more of this."