Thursday, November 4, 2010

PayPal App Update Fixes Major Security Flaw

PayPal has rushed out an important update to its iPhone app that fixes a major security flaw in the application, according to the WSJ.

The PayPal hole results from the app's failure to verify the digital certificate for the payment service's website. Such certificates function as electronic ID cards that let a user's device know a website is legitimate. Without that confirmation, a hacker could electronically step between a user and PayPal, pretend to be the PayPal website and gather usernames and passwords. The hacker would need to be in the same physical location as the user or have gained access to the same Wi-Fi network.

App Features:
• Send money as gifts, collect money for a group gift, or repay a friend for FREE*
• Snap a photo of a check to add money directly from your iPhone, no fees apply
• Donate to a charity and share with your friends by posting it on Facebook
• “Bump” to exchange contacts and send money
• Check your balance, withdraw funds, or view past transactions – anytime, anywhere
• As always, your information is secure with PayPal

What's New In This Version:
*** Includes an important security update. ***

*thanks iclarified*

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- Posted using my iPhone 4

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