30 September 2014

PCarroll

Pat Carroll - ValidSoft

76 | posts 267,093 | views 37 | comments

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

Improving Google Wallet's security

21 February 2012  |  3340 views  |  1

Two security flaws in the Google Wallet have been revealed in the last few days, highlighting the vulnerability of this technology. First zvelo showed how your Google Wallet PIN could be hacked using a brute force attack, and a few days later The Smartphone Champ discovered a way to reset payment options so that anyone who finds an unlocked smartphone could use its mobile wallet.

Despite these security defects, I do actually believe in the mobile wallet – it is still a lot safer than cash and it has the potential to make our lives more convenient. That leaves me to state the obvious: security needs to be better.

As I’ve mentioned before in these blogs, mobile payments and mobile banking pave the way for voice-based authentication to go mainstream. The technology is so advanced that it makes it virtually impossible to mimic and it is an accurate way of ensuring the end-user is genuine.

Google Wallet is leading the way in this area, and it’s understandable that certain factors are still a work in progress. The industry is still learning and developing the technology for the mobile wallet itself as well as the security procedures that go with it. There will be several generations of mobile wallet security software and procedures, but the one component that I believe will stick, is the use of voice biometric technology for authentication.

TagsSecurityPayments

Comments: (2)

A Finextra member | 05 March, 2012, 15:28

I'm a big fan of mobile payments and I believe that Google Wallet has huge potential, but can you explain your reasoning behind "...a lot safer than cash..."? 

Pat Carroll - ValidSoft - London | 05 March, 2012, 17:39

Thank you for your comment. What I mean by “a lot safer than cash” is that in the instance of a cash wallet, when the wallet is stolen, the cash is gone for good. In the case of a mobile wallet, the cash cannot be used if strong authentication (as I explain in my blog) applies”

 

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Pat

More Channels, More Payment Options, More Fraud

23 September 2014  |  679 views  |  0  |  Recommends 0 TagsMobile & onlinePaymentsGroupInnovation in Financial Services

iHack Hastens Call for Multi-factor Authentication

05 September 2014  |  2356 views  |  1  |  Recommends 0 TagsSecurityPaymentsGroupInformation Security

The Next Target-Style Attack This Holiday Season?

11 August 2014  |  1743 views  |  1  |  Recommends 0 TagsMobile & onlinePaymentsGroupInnovation in Financial Services

Securing Transactions Means More Than Just Authentication

10 July 2014  |  2484 views  |  0  |  Recommends 0 TagsSecurityPaymentsGroupInnovation in Financial Services
name

Pat Carroll

job title

Founder/Executive Chairman

company name

ValidSoft

member since

2011

location

London

Summary profile See full profile »
Throughout his career, Pat has been at the forefront of industry thinking, representing organisat...

Pat's expertise

What Pat reads
Pat writes about

Who is commenting on Pat's posts

Ketharaman Swaminathan
Kenneth Carnesi
Andrew Smith