O2’s Mobile Wallet Theft

O2 have revealed the results of the first NFC (near field communication) trial which will allow consumers to pay for things using the wireless power of their mobiles.
The trial which took place between November 2007 and May 2008 tested whether replacing important cards such as credit cards, oyster cards etc would work on the Nokia 6131 with NFC.
Deemed to revolutionise the retail market will this just expand the 79% of mobile user’s expenditure?
NFC is a short-range high frequency wireless communication technology which enables the exchange of data between devices which would mean transferring your details (payment) to the retailer in store.
O2 want all major banks and card schemes on board to make this a success along with 2 or 3 retailers backing them. With a mass market this could be a real hit for O2 benefits are ease of use & convenience. Short comings included having no ability to view your account details and lack of security with no pin device in use.
Although this seems like a good idea wouldn’t this make a thief’s job easier, instead of stealing your mobile and wallet they have access to your funds and mobile phone in one sweep.

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