UK academics have uncovered mobile security issues in Visa and Apple payment mechanisms that could result in fraudulent contactless payments. A paper on the research, "Practical EMV Relay Protection," (.PDF) is due to be published at the 2022 IEEE Symposium on Security and Privacy, and has been authored by Andreea-Ina Radu, Tom Chothia, Christopher J.Newton, Ioana Boureanu, and Liqun Chen.

Link: Researchers discover bypass 'bug' in iPhone Apple Pay, Visa to make contactless payments
via http://www.zdnet.com