Google Wallet Security Issues:
With Google Wallet being pretty new to most people as a method of making payments, there was always going to be talk about how security would have to be top notch to allay any fears people may have about using a mobile device to facilitate payments considering fears over security online in general.
And with this in mind Google have responded to a report that Google Wallet as a service was indeed of serious concern for people who used “rooted” Android devices.
Developers found PIN flaw:
It appears that a team of developers found a flaw that allowed Android smartphones to have their PIN protection overridden, this is the system that is aimed at protecting payments, once this protection was broken, it would allow anyone to access the account within the phone.
Google issued the statement saying they “strongly discouraged” rooted android device owners from using Google Wallet on their devices.
Prepaid credit card issue also:
In a separate issue, it was claimed that prepaid credit via credit cards set up on stolen phones that had the screenlock protection turned off could be easily accessed by simply clearing the data and reinstalling the Google Wallet App, again Google responded by warning people of the issue and temporarily disabling their prepaid cards provision, and is said to be now looking forward to a compete fix to the problem.
So make sure that you get that screenlock on and if you are a bit slap happy with stuff like this and lose your phone a lot, just dont put too much credit on.
In the statement by Google they also remind you that in the event of you losing your phone — you can call them on (855-492-5538) and have the app disabled.
We strongly encourage anyone who loses or wants to sell or give away their phone to call Google Wallet support toll-free at 855-492-5538 to disable the prepaid card. We are currently working on an automated fix as well that will be available soon. We also advise all Wallet users to set up a screen lock as an additional layer of protection for their phone.