News recently broke that LoopPay, a digital payments technology acquired by Samsung and integrated into their new mobile wallet, has been hacked.
“LoopPay’s network was breached by the hackers, known collectively as the Codoso Group, in an effort to reach the MST technology, according to the New York Times. Samsung Pay was launched in the US last week, but the attack is believed to have taken place as early as March before being identified in late August.
The attackers managed to enter the company’s corporate network, but failed to access the production system for payment management. There is no indication that Samsung’s systems were accessed, or that consumer information was compromised.”
Samsung is confident that there will be no adverse impact to Samsung Pay users.
“Samsung Pay was not impacted and at no point was any personal payment information at risk,” Darlene Cedres, Samsung’s chief privacy officer, told the newspaper. “This was an isolated incident that targeted the LoopPay corporate network, which is a physically separate network. The LoopPay corporate network issue was resolved immediately and had nothing to do with Samsung Pay.”
Overview by Alex Johnson, Sr. Analyst, Credit Advisory Service at Mercator Advisory Group
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