Citibank Warns Customers of iPhone Banking Apps Security Flaw

Citigroup warned the public especially its customers today noting that there were some security loopholes in its mobile banking iPhone apps, and also released an update that patches the hole.

Citigroup proclaimed that the smartphone application has a capability to save personal information about its users, which includes security codes, account information, and transaction details, to a remote file on the iPhone’s internal memory. That confidential data could then have been accessed by any third party that had access to the phone.

That Citigroup’s customer information was also transferred to the user’s PC every time the iPhone was synced up. However, even though personal information was flowing through areas other than the application and Citi’s servers, “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 immediately informed its customers’ right after they found out the flaw of the application which was discovered in a “routine” security check but somehow managed to slip through the cracks during the development and testing phases of the application. The application flaw was quite alarming due to the fact that Citi mobile banking application is currently the 11th most popular download on the App Store.

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