We reported yesterday that Google launched its Google Wallet service, a cloud-based service that allows for mobile payments by using a NFC-enabled smartphone. In keeping with the digital age, Google hopes that this new service will pave the way to allow consumers to leave their credit and debit cards at home and never have to sign a piece of paper ever again. Just by tapping a smartphone against a payment reader, Google Wallet is aimed to change the shopping experience.
However, reports are coming out about the safety of NFC (near field communication) technologies and how vulnerable users will become to hackers. We already know about the dangers of using our debit cards and have learned our own ways to protect our PIN numbers. PC Magazine says it takes less than 18 minutes for a hacker to guess a four-digit PIN number. And savant number lovers would have a field day deciphering numbers that could go straight into the heart of your checking account.
Other security experts are also concerned that users wouldn’t differentiate their Google Wallet PINs from their own bank card numbers, adding to further security problems. Additionally, only about 67 percent of smartphone users protect their devices with a passcode making it even easier for hackers and thieves to get a hold of even more information stored on phones and within apps.
If you’re curious about the new Google Wallet, make sure to take the necessary security precautions in order to protect yourself and your banking information. The new app seems trendy now, but it will be a serious nightmare if thieves start taking advantage of PIN numbers with the whole Google Wallet buzz.