Google Wallet, a service introduced by Google to make the transactions of a user absolutely paper-free, was introduced back in 2011. However, some carriers initially blocked it due to security concerns, only to eventually unblock it reluctantly. And although now Google Wallet is available on a number of Android devices, a number of security flaws have been uncovered in Google Wallet. The latest flaw reveals that if someone has access to your phone, that person can reset your Google Wallet and have the PIN number sent to them. This will immediately compromise the security of the service.
This is not the first time a security flaw has been found in the service. Just some time ago, it had been found out that Google Wallet could be hacked and the hacker can then easily obtain the PIN number of the user by using an app.
The major problem with the security of Google Wallet is that it is essentially bound to your device, and not to your online Google account. So when you lose your phone and may want to reset your password, you can’t do it through your online Google account.
Google has responded swiftly to these security concerns being cited by tech experts. According to Google, “We strongly encourage anyone who loses or wants to sell their phone to call Google Wallet support toll-free at 855-492-5538 to disable the prepaid card.” This is of course just a temporary solution to the problem and the company spokesperson have said that they are working on an automated fix which will be released as soon as possible.
Image courtesy Andrew.