The Wall Street Journal is reporting it's uncovered a major security flaw in the iPhone PayPal app.The internet payment provider is now rushing out an update to repair the hole, which could let a hacker get hold of log-in details including passwords.
The newspaper isn't saying anyone's account has been hacked, but reports that a security investigator has discovered the vulnerability in the app, which has been downloaded more than four million times and allows on-line transactions between customers and the company.
The flaw could let a hacker intercept wifi communication between the app and PayPal. All the hacker would have to do is set up a wifi hotspot and wait for someone to use it to make a transaction with their iPhone PayPal app.
It does not affect any other methods of PayPal transactions, including the company's Android app. It only affects people using wifi with the iPhone app.
The paper reports that PayPal has acknowledged the security lapse and is rushing out an update to the app. It quotes PayPal as saying it has no knowledge of any of its customers being affected by the flaw.
Update: The updated PayPal app is now live in the Apple App Store. It's version 3.0.1. Click that update button right now!
(Via Wall Street Journal)
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