I just read that Apple won a patent for credit card transactions with their iWallet app. This is a plea that will probably fall on deaf ears, but don’t use your smart phone to take control over your finances. As of now, mobile phone environments are still being developed and extremely insecure. Apple doesn’t have the best track record when it comes to security and would you really trust storing all you banking account information on their phone, I wouldn’t.Here the article I found on Reddit about the iWallet. It’s mostly pro Apple propaganda meant to gain consumer support for their new “killer app”.
Apple iPhone 5 Release Features: Why the ‘iWallet’ Will Crush All NFC Rivals – Dave Smith
Here is another article from Threat Post about some the security issues with Google’s Wallet. The article is around the potential risks of using Google Wallet with a rooted phone. I have a lot of faith with Google’s security but like in anything, if there is a will there is a way. Even if you have a non-rooted phone using Google Wallet can put your account information at risk. Remember, you can’t spell FBI without CIQ.
Google Reacts to Google Wallet Security Issues – Brian Prince