Another Google Wallet Security Flaw Discovered (Video)

Yesterday we heard that the PIN security on Google Wallet had been cracked on rooted Android devices, and now a new security flaw has been discovered in Google wallet, although this one affects all users of Google Wallet.
The new security flaw was discovered by the guys from The Smartphone Champ, and this one seems to be a lot more easier to access, as all that has to be done is reset the data in the Google Wallet application on your Android device.
Once the data has been reset, Google Wallet will then ask you to enter a new PIN number, and once done you will be able to use Google Wallet, the video below shows it in action.
You can protect yourself against this by setting up a passcode on your Android smartphone, which should at least help in stopping people accessing your device if you lose it or it is stolen.
The guys from The Verge spoke to Google about the latest security flaw found in Google Wallet, and Google had the following to say about it.
We strongly encourage anyone who loses or wants to sell or give away their phone to call Google Wallet support toll-free at 855-492-5538 to disable the prepaid card. We are currently working on an automated fix as well that will be available soon. We also advise all Wallet users to set up a screen lock as an additional layer of protection for their phone.
No doubt Google will be releasing an update to fix this and the other security flaw discovered in Google Wallet, as soon as we get some more information on when this will be available we will let you guys know.
Updated 11th February 2012
Google has now releases a further statement on Google wallet and the security involved with it.
First, Google Wallet is protected by a PIN — as well as the phone’s lock screen, if a user sets that option. But sometimes users choose to disable important security mechanisms in order to gain system-level “root” access to their phone; we strongly discourage doing so if you plan to use Google Wallet because the product is not supported on rooted phones. That’s why in most cases, rooting your phone will cause your Google Wallet data to be automatically wiped from the device.


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