Near Field Communication (NFC) technology will be the next vital enhancement to your cell phone. Today cell phone is used for internet surfing, mobile banking, entertainment and lot more. NFC will enhance the current functionalities in more advanced form. Its touch and go principle will ease the people’s life. Our study shows that as this technology grows more and more in daily life applications it will help intruder to enter in your personal life hitting the personal privacy. However there are different aspects of looking at the security and privacy issues of such devices. We have thrown light on different aspects and implementation of NFC technology. In case of using strong asymmetric cryptography for secure communication will definitely increase the transaction time. So Elliptic curve cryptography could be a choice in this situation. Loosing the NFC device in such a condition that when you have all your home/car keys debit/credits cards in it will point to single point of failure. Embedding NFC technology with low powered devices will result in single point of failure in case of power failure. NFC devices will help intruder to pin point your location due to tractability feature.