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May 27, 2011

  • News:  Google Launches NFC Wallet 

    As expected, Google debuted its new electronic contactless near field communication (NFC) wallet. Security is the big question and users want to know just how safe their credit card information will be protected with the new technology. Google was on top of the question when it launched its new credit card payment platform. Confident that its security measures offer the highest security level, the company said its Google Wallet's security "go beyond" the limits of traditional pocket wallets and credit cards. Kevin Mahaffey, Lookout Mobile Security's chief technology officer and co-founder said that because the Wallet transaction have a trail making it easy to track potential fraud, he would agreed.

    Google's Wallet uses a cryptograph coding system for the credit card data which is stored on a micro computer chip called "The Secure Element" along with a 3-4 digit code similar to a debit card PIN, to allows access to the card's funds. If a fraudster were able to access it, the chip would self-destruct if any attempt is made to remove it. The system can only be used when the PIN is unlocked. Therefore, if the cell phone is lost, the code would have to be cracked before gaining access to the card. Should the user attempt entry more than a select number of times, the credit card platform would be disabled and require the issuing bank to reset the code.

    Some concern has been expressed over the range of frequency with the NFC and whether or not a thief could easily intercept the credit card data with an electronic device when standing near the owner. Google said that the data is completely secure and protected because the Secure Element does not get turned on until the phone is lit up. Therefore, when it is carried in a pocket or purse, it is undetected. Mahaffey said it's too early to tell just how secure the system will be and that it could be more vulnerable for a large-scale attack.

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