Near Field Communication technology promises to make your phone a way to pay for goods and services, and Google Wallet is seen as one of the Next Big Things … but let's just say that may be more trouble than it's worth. This report from February 9th explains …
Yesterday, security firm Zvelo discovered a potential exploit against rooted phones. Today, tech blog TheSmartphoneChamp discovered how to accomplish the same feat on non-rooted phones.
While yesterday's exploit required you to crack encrypted files, today's requires you to simply clear the data in the app settings. Doing so forces Google Wallet to reset itself and prompt the user for a new PIN. Once that's done, the attacker ties in a Google PrePaid card to the account and presto—all previously available funds are once again accessible. The method has been tested by multiple sources and confirmed by Google itself.
… maaaaybe that "physical wallet" can stick around a little while longer …
