Citigroup Inc. urged its U.S. mobile banking customers to upgrade to a new application designed for the iPhone because the original version has a security flaw. It was explained that the older version of the iPhone app accidentally saves personal account information in a hidden file on the users' iPhones.
This also saves their account numbers, bill payments and security access codes. If the mobile phone is synced with a computer, then the same information is also on the PC or Mac.
Citi also explained there is no reason to believe that personal information has been accessed or used inappropriately by anyone. However, the new application – released July 19 – gets rid of information that may have been saved to a user's iPhone or computer.
The problem was apparently discovered in a security review. Citi sent letters to its customers on July 20. The bank said tests were performed before and after the release of the application but was not able to immediately detect the problem. Citi is now doing an internal analysis to determine why it didn't find the said security problem.
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