As mobile phones allow us to carry our money in an electronic “wallet,” they will also become a greater target for crooks. Picking a pocket is a risky endeavor for a thieves, but it will be much less so if all they need to do is bump into their victims or brush by them with a mobile phone. Thieves are now more likely to go after both mobile payment software and phones enabled with near-field communications (NFC). However, things are not so bad; security researchers proof-of-concept (PoC) attacks against Google Wallet and Square’s credit card readers have prompted improvements in security.Square's credit card readers recently added encryption for credit card data.
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These latest phone enhancements have inspired an increasing interest in mobile payment security from both the bad guys and security researchers.
