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Security concerns still plague some mobile payment systems

August 15, 2012

While many tout the bright future of mobile payments, some critics are still concerned about security for those paying with smartphones.

While many tout the bright future of mobile payments, some critics are still concerned about security for those paying with smartphones.

In a recent interview with Security Watch, zvelo researcher Joshua Rubin, who made headlines when he previously identified flaws in the Google Wallet program, said that the newest version of the company’s system was not secure enough. He said that he had been able to hack into the system, which stores numbers on the cloud and, and obtain personal information.

However, some analysts say that Google has taken the right steps to avoid hacking threats. 

“I would say that one-off fraud is much safer because all payments now go through Google’s ‘virtual’ card, and then are passed off to your credit card within Google’s environment,” Intrepidus senior consultant Max Sobell told Security Watch. “In previous Wallet builds, your credit card details were going through the NFC interface unencrypted to the Point of Sale terminal.”

While some have called for better security, more people than ever are using their mobile devices as a way to  pay for goods or services. Many industry experts have said that the NFC technology will become far more popular over just the next few years.

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