There are more than privacy concerns with RFID chips. It turns out that there are ways to reprogram the RFID chips. The possibilities for abuse are great if someone can alter the chips programming.
While expensive RFID reader hardware and hard-to-use software have hindered security research in the area [of risks from reprogrammed RFID tags], [security expert Lucas] Grunwald said that’s no longer a hurdle. The security expert announced during the session a new software tool that he helped create that can be used to read and reprogram radio tags.
When such tools become widely available, hackers and those with less pure motives could use a handheld device and the software to mark expensive goods as cheaper items and walk out through self checkout. Underage hackers could attempt to bypass age restrictions on alcoholic drinks and adult movies, and pranksters could create confusion by randomly swapping tags, requiring that a store do manual inventory.
Now couple this idea of hacking an RFID chip with that of imbedding an RFID chip in you arm for security and financial purposes. All malicious person has to do is get an RFID scanner within range of you, and they can lift your identification from your RFID chip. They then reprogram their own chip with your code, and they have access to whatever your chip grants access.
Obviously, there is more to it than my simple scenario. There will be encryption and other hurdles to lifting a person’s RFID tag. I would assume there would also be a PIN or pass code required as well (something you know + something you have = access). It will be much simpler to change the tags in the store so you get a two liter bottle of pop for the price of a 20 ounce bottle than it will be to steal someone’s bank access RFID code. Nevertheless, there is potential for hacking these RFID tags that make me seriously question the advisability of imbedding them in yourself.

