Recently, Google Wallet service was found to be vulnerable to hacks, which put a big question mark on its security parameters. The 
security loopholes, exposed by a security firm and other experts, were simple in nature, thus making them a big threat to the services' integrity. The company took a quick notice of these exploits and now has claimed that the loopholes have been patched.
Osama Bedier, vice president of Google Wallet and Payments, has suggested that Wallet users should avoid getting their devices rooted as it exposes them to more external threats. He added, "That's why in most cases, rooting your phone will cause your Google Wallet data to be automatically wiped from the devices." This is the cure for the first threat which enabled hackers to sidestep PIN requirement.
The other threat, which involved wiping data from a device, has also been partly tackled with. This loophole enabled hackers to transact via Wallet without knowing the PIN, Google has put a temporary ban on prepaid cards. The service will now resume after a permanent fix has been found.
Google is also taking steps to ensure that hack victims get timely and adequate help. In a release, Google has asked the users to call their toll free number. The statement says, "We strongly encourage anyone who loses or wants to sell their phone to call Google Wallet support toll-free at 855-492-5538 to disable the prepaid card. We are currently working on an automated fix as well that will be available soon. We also advise all Wallet users to set up a screen lock as an additional layer of protection for their phone."