Even with the more and more handsets becoming capable of NFC transmissions, most them have yet to see Google Wallet. At least officially that is. I say officially because the folks at XDA brought Google Wallet to the Nexus S in an unofficial capacity. Even the Galaxy Nexus on Big Red’s network may not see it. However we should Google Wallet on more and more phones over time and NFC transactions becoming more commonplace. As this app becomes more common the question that is begging to be asked is, can you trust this or other NFC transaction apps with keeping your most sensitive data secure? Well according to a new report, yes and no.
Given identity theft and credit fraud are running rampant in this technological day and age you would think that your credit card number would be stored with the utmost security, and well, yes, Google Wallet does just that. The app records these numbers only to the NFC chip’s secure storage area and not even a rooted phone will release that information.
The problems that could occur deal with the other bits of data that are still accessible. If an attacker were to get access to your phone, be it physically or through malware, they could learn the last four digits of your credit card number, your name, email, and card expiration date. This, coupled with a record of transactions you’ve made, and that stored data seems ripe for the picking by anyone wanting to make an identity theft attempt.
Given that we are moving closer and closer to our phones and devices being the way we do everything, we store almost all our data on our phones as is. Google should do its very best to encrypt all this data to make identity theft harder. Although Google knows that we trust them with our lives and if anyone could keep our secrets safe it definitely would be Google. So while this may or may not be overblown it’s still good to know what’s secure and what’s not. Hit the break below to get a link to both an overview and in depth view on how this was tested. So what do you think? Are you ready to trust Google with your financials yet? » Read the rest