PayPal iPhone Application

According to Wall Street Journal, PayPal has updated its Apple iPhone application with a new version that fixes a security flaw. The older version PayPal application did not verify the authenticity of PayPal’s website when a user was logging in, opening up the possibility for a hacker to gain access to user accounts. 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.

“According to a spokesmen [the flaw] has not affected anybody,” PayPal spokeswoman Amanda Pires said, noting that if anyone was affected, PayPal would reimburse fraudulent charges. If you are using PayPal iPhone application, be sure to update your application.