Prepaid cards for Google Wallet temporarily disabled; Google says it is safe

Late last week, reports about a certain flaw being discovered on Google's popular mobile payments system, Google Wallet began doing rounds. Closer inspection revealed that a certain glitch, discovered by Colorado-based security firm, zvelo rendered a user's prepaid funds on a lost or a stolen mobile minus the screen lock, open for anyone to gain access to. As explained in a The Verge report - simply put - if anyone manages to get access to your phone's app settings for Google Wallet, they can easily delete all of your Google Wallet data that's stored on the phone, by simply tapping "Clear data." Once through this step, the miscreant on trying to access Google Wallet again is prompted to go through the intial setup process again, which includes entering new PIN, as well as tying Google Wallet to a Google account. The miscreant can now re-enter the default Google Wallet prepaid card to the Google Wallet app; and now owing to the fact that Google Wallet is connected more to the hardware, and not to an account, the previous prepaid card gets re-entered, giving the miscreant the key to all the funds on your Google Wallet card. Click here for full story