Samsung denies Samsung Pay users affected by LoopPay cyber attack

Samsung denies Samsung Pay users affected by LoopPay cyber attack

Samsung has denied reports that users of Samsung Pay are at risk after a breach at LoopPay, the US-based mobile payment developer that the company acquired in February.

A report inĀ The New York Times said that the corporate computer network of LoopPay was breached by Chinese hackers in search of the firm’s technology, known as Magnetic Secure Transmission, which is now part of Samsung Pay’s mobile payment service.

A Samsung spokesperson told V3: “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 from Samsung Pay.”

The hackers, known by security researchers as the Codoso Group, breached LoopPay’s office network that handles email, file servers and printing.

However, the firm maintains that a separate system handles payment transactions run by Samsung and was not affected.

“We’re confident that Samsung Pay is safe and secure. Each transaction uses a digital token to replace a card number. The encrypted token, combined with certificate information, can only be used once to make a payment. Merchants and retailers can’t see or store the actual card data,” Samsung responded in a blog post.

“Samsung, Samsung Pay and Samsung users were not affected. As soon as the incident was discovered, LoopPay followed standard incident response procedures and acted immediately and comprehensively.

“LoopPay brought in two independent professional security teams [and] immediately identified and quarantined the targeted devices.”

The investigation into the breach, of which LoopPay became aware in late August, is ongoing.

Samsung Pay, which launched in the US on 28 September, competes with similar mobile payment systems from Apple and Google.

Meanwhile, the Codoso Group, a sophisticated hacking collective thought to originate in China, was reportedly behind an attack on Forbes in late 2014. Other high-profile targets are said to have included US military and government websites.

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8 October 2015 | 1:24 pm – Source: v3.co.uk

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