Google Wallet: A security risk

Security researchers have found vulnerability of Google Wallet, the mobile payment platform that is available in the phones that are sold by Sprint Nextel Corp.

The mobile payment services usually allow the users to pay through their phones rather than making use of credit cards. This has been used since long in some countries including Japan but it is emerging in US only recently.

Isis is a Verizon Wireless, T-Mobile USA and AT&T venture that is expected to release an offering that can compete with Google but its release date is still not announced.

Joshua Rubin who is a senior engineer with zvelo which is a closely held security firm in Colorado has declared the vulnerability in Google Wallet. He has developed an app called Wallet Cracker that can break the PIN required to open the Wallet application. He has also demonstrated this in the form of a video on this blog.

Google was intimated by Rubin regarding and the company has confirmed it and agreed to resolve it as soon as possible. Regarding this issue, a Google spokesman has suggested that users do not install the app on their rooted devices and also advised them to set screen locks for added security.

The representatives from Sprint were not available for comment immediately. The Wallet partners of Google include MasterCard, the payment network and Citigroup Inc.