Users have raised security concerns with Google Wallet of late, but Google is assuring users it is perfectly safe to use your credit card with.
Osama Bedier, Vice President of Google Wallet and Payments, wrote a blog post late Friday night, saying:
First, Google Wallet is protected by a PIN — as well as the phone’s lock screen, if a user sets that option. But sometimes users choose to disable important security mechanisms in order to gain system-level “root” access to their phone; we strongly discourage doing so if you plan to use Google Wallet because the product is not supported on rooted phones. That’s why in most cases, rooting your phone will cause your Google Wallet data to be automatically wiped from the device.
Second, we also take concrete actions to help protect our users. For example, to address an issue that could have allowed unauthorized use of an existing prepaid card balance if someone recovered a lost phone without a screen lock, tonight we temporarily disabled provisioning of prepaid cards. We took this step as a precaution until we issue a permanent fix soon.
And just like with any other credit card, you can get support when you need it. We provide toll-free assistance in case you lose your phone or someone manages to make an unauthorized transaction.
Google's update seems to come in response to an incident where TheSmartphoneChamp.com exposed a major vulnerability: