Samsung Mobile Payments System Unaffected by Recent HackAdded: Friday, October 9th, 2015
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The tech giant claims that its newly launched Samsung Pay was not impacted after the LoopPay technology, on which it is based, was broken. Samsung acquired the US payments startup LoopPay a few months ago in order to base its Samsung Pay mobile payments system on it. Recently, LoopPay was attacked (successfully) by a Chinese group of hackers.
According to media reports, the Chinese hacking group known as Codoso Group or Sunshock Group has had access to the internal network of the service from March 2015 until August 2015, when the intrusion was detected.
However, Samsung claimed that its Pay service was not affected and assured that no personal payment information was ever at risk. The company explained that the hack constituted an isolated incident, which targeted the LoopPay office network – the one physically separate from Samsung Pay.
In the meantime, the security experts claim that the Chinese hackers for 5 months had undetected access to LoopPay’s corporate network, which processes email, file servers and printing (all sensitive data, as you understand). Samsung didn’t reveal how much of the information required to replicate the technology was stolen over this period of time.
As you may know, Samsung Pay was launched in the United States just a few days ago. At the moment of the launch, the company was fully aware of the hack and allowed its latest Galaxy S6 and Note 5 devices to be used to pay for goods and services. Samsung Pay differs from its peers Apple Pay and Google’s Android Pay systems thanks to the LoopPay, which is able to simulate a magnetic card swipe that allows users to pay for goods and services even with the merchant having no NFC-enabled till.
The industry watchers agree that the reinvigoration of mobile payments by all major tech giants are first of all a way to further lock users into their ecosystems, along with providing an additional revenue stream. Apple Pay was first to launch in the US in October 2014, then in the United Kingdom – in July 2015. Google’s Android Pay launched in the United States this past September, taking over Google’s previous mobile payment system known as Google Wallet. Android Pay and a separate system of Samsung Pay are both expected to expand to Europe within 2016.
Friday, October 9th, 2015
|It is not just "Samsung". other major brands as well ..||
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