The mobile RFID (radio frequency identification) is a technology for developing a RFID reader embedded in a mobile terminal and providing various application services over wireless networks. Various security issues-Inter domain security, privacy, authentication, E2E (end-to-end) security, and untraceability etc.-need to be addressed before the widespread use of mobile RFID. Low cost mobile RFID systems are increasingly being deployed in industry and m-commerce. These contactless devices have raised public concern regarding violation of privacy and information security. There is a growing need in the mobile RFID community to discover and develop techniques and methods to overcome several problems posed by the above-mentioned concerns. This paper presents proposals on feasible security mechanisms for low-cost mobile RFID systems and analyses them from both security and privacy points of view