CNBC invited Lookout’s CEO, John Hering, to discuss the introduction of Google’s NFC “Mobile Wallet.” Rather than using credit cards or cash, NFC (Near Field Communication) will allow users to make purchases at the register directly with their mobile phone (“Touch to pay”). While NFC represents a new payment mechanism for vendors, it also represents a avenue for hackers. As smartphone users adopt this mobile payment system, they will need to regard–and protect–their phone as they do their physical wallet. In effect, near field communications will require near field security.
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