Security requires eternal vigilance, and we're reminded of that once again today by Nick Arnott who went poking around the Simple banking app for iPhone and discovered what looks to be an SSL vulnerability. Arnott describes the issue on his website, Neglected Potential.
The first thing that jumps out is the request to https://api.simple.com/user-api/mobile-auth-tokens when you sign in to your account. Included in the request are your plaintext username and plaintext passphrase. The request is sent over SSL, but this doesn’t gaurantee security and when dealing with such sensitive data, more security measures should be taken.
Arnott points out that Simple isn't doing anything here that many other banks aren't also guilty of, but that just makes the problem bigger, not more excusable. Read the full story on his site, linked below.
Source: Neglected Potential