February 11, 2012- Vulnerability in the Google Wallet was found that is very troubling to its users. Unlike the low-risk security problem found on Thursday, the new flaw is much worse. A security firm found vulnerability in Google’s NFC payment system, Google Wallet. The vulnerability allows anyone in possession of a smartphone that has been already rooted and running Google Wallet to gain access to the Google Wallet’s PIN.
This allows hackers to use a smartphone that is Google Wallet enabled to purchase items using the credit card data in the NFC chip. Nevertheless, Google pointed out that it is a very low-risk problem since it only works on an already rooted smartphone and while the credit card data would be usable it would still be secure.
The newer problem is described as very easy to accomplish with no additional software required and a rooted device is not needed. The problem exists because of the fact the data from the credit card is tied to the device and not someone’s Google account.
Therefore, anyone with a phone that is Google enabled can change the accounts PIN by simply entering the application settings and clearing the information for the Google Wallet application. When that is done, the app will automatically prompt the hacker or user to input a new PIN.