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“Mobile is one way to fix it,” Todd Ablowitz, president of Double Diamond Group LLC, said. “NFC is far more secure than a mag stripe.”

He’s not alone in his view. The Federal Reserve Bank of Atlanta blogged in April on why the budding mobile wallet will be more secure than current payment forms. Among the reasons highlighted in the post? Because of GPS and password protection, mobile phones already have stronger authentication capabilities than physical wallets.

Bank Innovation, May 24, 2011