RFID technology has been available for more than fifty years. However it has only been recently that the prices of RFID devices have fallen to the point where these devices can be used as a "Throwaway" inventory. This presents numerous opportunities along with innumerable risks. A lot of research is being done to suggest methods which will ensure secure communications in RFID systems. This paper is to present an introduction to RFID technology, its current and future applications, study various potential threats to security and privacy and give an introduction to some suggested protocols for efficient security mechanisms.