PayPal app for the iPhone is updated to fix security issues

Basically, the previous version did not verify the authenticity of PayPal's web site when users log in β which can possibly leave them vulnerable and open to attacks from hackers. PayPal spokeswoman Amanda Pires said, βTo my knowledge [the flaw] has not affected anybody,β However, PayPal did mention that they would reimburse any user if they happen to fall victim to fraudulent charges.
source: Wall Street Journal