Citigroup has announced that its Citi Mobile iPhone application contains a critical security vulnerability.
The US banking giant has said that the vulnerability could compromised the credentials of customers who have used the application, and has advised users to upgrade to the newest version to fix the bug.
According to the Wall Street Journal, the bank confirmed that the application stored a user's information, including banking passwords and account credentials, on a hidden file on the iPhone. The hidden file could have also been stored on user's PC if they had synchronised a computer with their smartphone.
Apple, has reiterated Citigroup's advice and is encouraging users to upgrade to a newer version of the Cite Mobile application.
In a statement to the Wall Street Journal, a Citigroup spokesperson said: “We have no reason to believe that our customers' personal information has been accessed or used inappropriately by anyone.”
Mobile banking is a growing sector in the US application market, accounting for approximately 18 million US adult users accessing their bank accounts regularly from their smartphones.