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The Google Wallet app on Android was recently discovered to have security flaws after a researcher found a problem with its PIN protection, which would allow a hacker to access a user's digital wallet to make purchases and view credit card information.
"Once attackers get your PIN, they have full access to any credit card information stored in the app and they can use your phone to make purchases," wrote McAfee security researcher Jimmy Shah in a recent blog post. "What makes [Google] Wallet easy for you to use now makes it easy for attackers to use; they can now spend your money and credit just as if your phone were an ATM card."
Another security problem found in the Google Wallet app is that users with a Google Prepaid Card balance could have their information hacked on a lost phone, causing Google to suspend its use of the prepaid cards.
Tech companies like Google, which thrive on launching new products that can sometimes experience growing pains, can benefit from professional liability insurance, giving the company coverage from lawsuits that may result from security breaches.