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Oh Dear PayPal. Showing a balance must surely be the very least a money app should be able to do. FAIL. Whoever approved this update before letting it go live should be demoted.
I, too, was initially logged into the app without security but this now seems to be fixed.
It also keeps a live notification asking me to add a bank account and bank card, despite these both having already been in place before the update.
It's hard to believe that a company this size, entrusted with our money, can get this kind of stuff wrong.