However, it uses protected memory which should not be accessible to any other application. So in theory, it would be possible to gain access. When unlocked, the vault is maintained in memory. On iOS, this has been well tested and found to be very secure - hence the ongoing battle between Apple and the FBI. Of course, there is a massive difference between security on Android to iOS (in general anyway) and I'm not familiar with the Android implementations other than to say that many Android devices have no hardware based locker which potentially seriously restricts the level of security you could expect. The mobile lastpass client stores your password in the device's key locker which, in theory, should only be accessible after you enter appropriate credentials.
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