What to do about “master key” security flaw in Android?

Apparently a significant security risk has been found in Android devices going all the way back to version 1.6. According to the folks at Bluebox security that found it, the flaw can be used to completely take over your Android phone, access passwords, and do lots of other unsavory things.

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Story added 5. July 2013, content source with full text you can find at link above.