|Modern Payment Security – NFC-Enabled Mobile Devices|
|Written by Daniel Gualtieri|
|Thursday, 02 August 2012 12:53|
Last month, Corporate Insight covered the evolving mobile payments landscape, where we briefly discussed why Near Field Communication (NFC) has yet to emerge as a popular format for mobile payments. Since then, there have been two interesting NFC-related developments:
This raises an obvious question: As more NFC-enabled devices enter the market, are security risks a hindrance to the growth of NFC payment technology? Naturally, there are always a significant number of consumers with security concerns when a new technology hits the market, especially one that holds personal and financial information. Despite the security issues that were exposed at the Black Hat conference, overall, NFC’s security flaws are minor and controllable.
Anatomy of the NFC Hack
In order for this hack to be successful, the following needs to be in place:
In the case of the Nexus S 18, three new versions of Android have been released and are available to Nexus S owners since its release 18 months ago. In fact, Android Central has confirmed that the newest version of Android does not contain many of the weaknesses Mr. Miller was able to exploit in Gingerbread. So while these hacks were a great demonstration by a talented hacker, they were essentially carried out on an 18-month old technology that has since been updated by Google and their mobile carriers.
NFC Security Tips