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You as likely as not won’t see the Wallet Cracker app in the Android Market anytime straight away. That’s not because it doesn’t work; it actually works accurately, which is the problem.
In a video posted by security firm Zvelo , the program exposes the pin slew of a Google Wallet account within seconds. This is disappointing because near-contestants communication ( NFC ) payment systems, of which Google Wallet is the most visible, are at a decisive juncture.
( MORE: How the New ‘Google Wallet’ Mobile Payment System Works )
The technology to set up widespread contact-less payments exists today. One of the factors holding it back—the absence of coordination between banks, mobile carriers and software companies like Google—will conclude itself over time.
So what is the biggest obstacle to a wallet-free world? Suspect.
People want to know that if they lose their smartphone, they won’t be losing the practical equivalent of their credit cards as well. Of course, credit cards aren’t that riskless either: A few months ago, thieves used skimmers in 24 Lucky Supermarket locations in the Bay Limit to steal data from more than 500 customers .
Source: TIME