WhatsApp Messenger for iPhone
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Full user review
"Massive security holes"
Few. Very few.
This app is so popular because it has absolutely no security whatsoever. Anyone can take over your account at any time, and the whole major point of it -- that it shares all of your contact information with the whatsapp servers -- is a horrific, horrific security violation, not just of your own security, but of ALL YOUR CONTACTS. Using WA is a very, very, very bad idea.
Avoid this app like the plague, and tell all your friends to avoid it, as well as any other apps that transmit ALL OF YOUR CONTACT DATA TO A THIRD PARTY. Also avoid any apps that do not have ANY form of user authentication to verify that you are actually the person you say you are.