Earlier I was searching for the same information. These are my findings:

AOL Instant Messenger uses TCP 5190 by default for communication but can
discover and use any open port , such as HTTP or DNS. 
AOL IM does not seem as bad as the full client software, I could not find
any serious issues, but some may exist such as buffer overflow attacks, and
DOS of services. Also when transferring files via AOL IM, you are able to
see their IP address.

http://p.ulh.as


AOL Client software creates a VPN between the PC and AOL Network,
essentially bypassing your firewall and leaving that PC susceptible to the
inherent faults of the OS and to the tons of script kiddies on AOL. 
http://www.securiteam.com/securityreviews/The_risks_of_using_an_AOL_client_b
ehind_a_firewall.html
I deem this a high risk issue.

Let me know if you need anymore info..


Fabian J. Oliva


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