Contactless payments; Secure or Not?

Good Read by Joel Hruska about contactless payment systems and their inherent (or lack thereof) security

As contactless payment systems begin to gain traction across the country, questions are mounting over whether or not the security backing the RF-based technology is sufficiently advanced to prevent account fraud and the theft of personal information. With contactless payment systems about to get even more popular in the United States, there are fears that the wireless technology behind those systems is not secure enough for widespread adoption, despite assurances from Visa, MasterCard, and other major players.