NFC mobile threats on the horizon: What happens when we wave our wallets to pay?
Darlene Storm
Thursday, December 15, 2011 - 12:55
Mobile payments predicted to reach $630 billion by 2014. All that money is too tempting of a target as a Lookout Mobile Security threat report warned; NFC trends like the mobile wallet will only encourage hackers.
While it's not quite Star Trek tech yet, being able to wave your smartphone to make a payment is so cool that there are now 35 million NFC-enabled mobile phones in the world. With the launch of Google Wallet in the U.S.,IMS Research says there will be 80 million NFC cell phones by the end of 2012. In fact, the booming tech of Near Field Communications (NFC) transactions that enable contactless and mobile payments will take the USA by storm, with mobile payments predicted to reach $630 billion by 2014. All that money is too tempting of a target as a Lookout Mobile Security threat report warned; NFC trends like the mobile wallet will only encourage hackers.
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