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Security Flaw Citi iPhone App

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Security Flaw Citi iPhone App – Citigroup Inc. recently disclosed a security flaw that was present in their iPhone application. The mobile banking customers should upgrade to the newest version of the app in order to protect themselves from the security flaw. The incident highlights the growing challenges in the industry to ensure that mobile applications for banking are secure. Many have said that mobile banking applications will require additional precautions to make sure that customers remain safe.
Some of the information that may have been stored in the iPhones includes account numbers, bill payments and security access codes, leaving accounts completely vulnerable. The information could also be on the user’s personal computer if they synced their iPhone with their PC.

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It was not immediately clear if the information was stored in a section that could be accessed by outsiders or hackers. Citi said that they do not have any evidence that data was breached, and were disclosing the information purely for transparency reasons.
“We have no reason to believe that our customers’ personal information has been accessed or used inappropriately by anyone,” Citi said.
Security experts have said that the flaw in the iPhone app is one that is probably seen in several other applications, but has not been discovered as of yet. It is a common problem with sensitive mobile applications, and is something that will need to be addressed in the future. Citi first launched their iPhone app in March of 2009, and also began offering mobile financial services through MFoundry, which is a private company that is based in Larkspur, CA.

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