AppBugs Identifies Security Flaws in Bitcoin Apps


service-after-a-security-breachOver the course of recent months, various security flaws in major mobile applications have been identified by security experts. Exploiting any of these weaknesses could have major ramifications for the end user, as mobile applications contain a lot of personal and sensitive information. Hackers could steal private user data, which can include names, addresses and even financial information in some cases.

To make matters even more worrying, there is no mobile application — other than AppBugs  — that identifies these vulnerable apps and warns the user about potential security risks. Contrary to popular belief, antivirus apps for mobile devices will identify virus threats, yet overlook other types of vulnerabilities.

Granted, there are a lot of security consulting companies out there whose only job is to identify and hunt down these potential weaknesses in mobile apps. That being said, most of these companies have no incentive to report these security concerns to the end user, and rather contact the app developer(s) to get paid by them. This communication process can take anywhere from hours to even months, and some developers will never respond, leaving users in a vulnerable position.

Even in the Bitcoin space, any vulnerable application running on the same mobile device as a Bitcoin wallet can have catastrophic consequences. AppBugs has therefore released its mobile app, with the sole purpose of identifying these security risks. Additionally, the AppBugs app will give the end user a list of security concerns and suggest appropriate actions to be taken.

AppBugs COO and Founder Stan Bounev told Bitcoinist:

“The Bitcoin owners run the risk of their personal information to be compromised by the popular apps they use every day. This issue is particularly troublesome for Bitcoin owners as they have sensitive information about the Bitcoins they own.”

AppBugs Solves a Problem Most Mobile Users Don’t Know Aboutoutlet-bitcoin

It goes without saying that something needs to change sooner or later to protect customer data on mobile devices. Attackers are exploiting security flaws in mobile apps or web services to steal private information from unsuspecting users. According to a study by Gartner, as much as 75% of all mobile apps will have security flaws by the end of 2015.

During the course of 2015, various major mobile applications have fallen victim to security flaws in their mobile application. Both Starbucks and LastPass suffered from security breaches, in which hackers could steal sensitive data. The average mobile user has no idea whether the apps they install can be trusted or not, let alone what to do if one of the installed applications has security flaws.

This is why AppBugs has created a security app for mobile devices to detect dangerous security flaws in other applications installed on the user’s device. Any application that poses a security risk will trigger an alert to be broadcasted to the end user, which will also include appropriate actions to be taken. In the background, AppBugs will also report the security flaws to the app developer, and will disclose all information regarding these security holes to the public. This will hopefully encourage app developers to fix their applications sooner rather than later.

AppBugs COO and Founder Stan Bounev explained the “main” four security threats mobile users are facing on a daily basis:

Author: Amanda Walker

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