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LoopPay hacked but Samsung Pay not affected
Hacking seems to be an increasingly popular way of causing damage to a company with hackers attacking everything from small companies to major retailers and the latest to be affected is mobile payments specialist LoopPay, a subsidiary of Samsung and one of the companies making Samsung Pay a reality.
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According to the New York Times, Chinese hackers accessed LoopPay computer systems in March – just a month after it was bought by Samsung to help create Samsung Pay – and the hack was only discovered five months later in August. LoopPay reportedly said that the hackers were from a group known as Codoso Group or Sunshock Group and were after the company’s Magnetic Secure Transmission (MST) technology.
For those wondering whether this means Samsung Pay was also hacked, both companies have said the attacked was focused on LoopPay’s corporate network, which is a separate physical network to that used by Samsung. Both companies are confident that the hackers had no access to Samsung Pay, which is why the payment solution’s US rollout continued without delay.
Samsung’s chief privacy officer Darlene Cedres, said:
“Samsung Pay was not impacted and at no point was any personal payment information at risk. 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.”
For Samsung, it’s certainly not an ideal piece of news to break, especially as there many people concerned about the security of mobile payments systems. At least for the time being, it seems that Samsung Pay wasn’t affected in any way but with hacking becoming an ever increasing occurrence in our modern day society, LoopPay has hired a couple of private forensic teams to investigate the hack and take the necessary precautions against this happening again.