Use of Electronic Wallets
I was wondering if anyone knows of any inherent security risk(s) to using Electronic Wallets, such as Android Pay, Apple Pay, Samsung Pay, etc, where it would put the individuals money at risk?
I am not entirely sure if ANY card can be used with these services, or just those institutions who have made accommodations for it; so the question applies to the security of your funds using them - in either case.
Of course this is just the financial side of it, not concerning the obvious hardware hacks that can be applied to the NFC sensors to hijack the information from the device, the question is whether the information (however obtained, be it at the POS or via a hardware hack) can be reasonably used to compromise one's money? If its a credit card, you have a liability filter, but if say you have loaded a debit card, the money is gone until you find a way to get it back.
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These are services that facilitate using credit cards. So whatever vulnerabilities there may be, your risk is limited to your liability to the credit card issuer.
Usually, this means no liability whatsoever, and the most significant risk is the inconvenience of re-issuing the compromised card. Some card issuers separate the "Pay" service account from your main account so that even that risk is mitigated - the number exposed is only used for that specific service and doesn't compromise your actual physical card.
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