How old is old enough?

My son just turned 12 last month and wanted to go hang out at the mall this afternoon with a girl from school and supposedly some other people. I told him no how, no way, not gonna happen. First off, I was 12 once. Granted it was a bit different then and I was allowed out to roam around and come and go as I pleased. (Of course my mom wasn't exactly mother material.) I just don't think anything good can come of a group of 12 yr olds hanging out alone at the mall. I told him that his group of friends would immediately attract security, and I'm sure they would be showing off to draw attention. Not only that, but I am extremely paranoid about the perverts roaming around looking for kids.

Maybe I'm overreacting. But I would rather be hated right now and still have him around later.