Google have worked hard on the security of their new mobile wallet but concerns have still cropped up. According to the some, the 'authorised' Android app at the end of the chain is the weak link. Most of the process of paying with the mobile wallet is covered by the same security as more traditional payment systems and the phone itself has a tamper-proff encrypted chip specifically for storing card data.
The Android app itself is still protected by a PIN code but Oliver Lavery, Director of Security Research and Development for nCircle, said:
"Many people don't set PINs on their phone, in spite of how easily this sort of device can be lost or stolen."
Experts have also identified the risks inherent in the 'open' nature of the Android app system. The potential is there for a fraudster to create their own app which can be used to trick the smartphone into giving up users' details.
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