Softcard/ISIS security analysis?

Brian

Level 2 Member
The amazon GC promo http://saverocity.com/forum/threads/check-softcard-for-free-20-amazon-gc-offer.2553/ has me wondering what the actual security of this software is. Sure, it requires a "secure SIM" and uses "secure mode" NFC, but is there any information out there about how the software is written, what protocols are used, etc.?

I did some light searching over the past fifteen minutes or so, and saw only half assed explanations. Has anyone read any real analysis?

I mean, they claim the credit card info is stored in the Secure Element, but if a PIN is necessary to unlock the application, then there must be some communication between the OS and the Secure Element. Could other applications access this? Is the four-digit PIN the only information necessary to decrypt the stored data? How secure is the actual communication between the reader and the phone?

Anyway, I'm not super worried, just curious if anyone has more information.
 
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