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Google Wallet a security risk: researchers

(Reuters) - Security researchers said they found a vulnerability in the Google Inc mobile payments platform which is currently available in phones sold by Sprint Nextel Corp.

Mobile payment services that allow consumers to pay by waving their phone at a check-out terminal, instead of using a credit card, have long been available in Japan and some other countries but are only just emerging in the United States.

Isis, a venture of Verizon Wireless, AT&T Inc and T-Mobile USA, is expected to launch an offering to compete with Google but has yet to announce a launch date.

The alleged vulnerability in the Google Wallet was identified by Joshua Rubin, a senior engineer with zvelo, a closely held security firm in Greenwood Village, Colorado.

Rubin developed an app dubbed Wallet Cracker that he says can break the four-digit PIN required to launch the Google Wallet app. He demonstrated how it works in a video on his blog (bit.ly/zgO2L6) More...

02-11-2012 17:05