Clients who use the Samsung Pay program have not been affected by a cyber attack launched against its mobile transaction system, as the organization stated this week. The hacking attempt has targeted LoopPay, a company that Samsung acquired earlier this year to improve its mobile payment application. The company wants to assure all clients that their personal information is not at risk, affirming that Samsung Pay is still a protected and safe service. The Korean giant said the crack was a minor incident that does not affect Samsung Pay. The payment service operates on another system than LoopPay, making it secured against potential attacks
Smart phones are already built with transaction technologies that offer a practical substitute to paying by card or cash. Until now, clients have noticed Google, Apple and Samsung releasing competitive mobile payment solutions. Similar to online expenses and mobile finances, clients will have to know that they can confide in these services to manage their money safely before they accomplish the same trust as credit and ATM options.
Samsung Pay’ tokenization program, which offers a store a secured digital symbol instead of a bankcard number whenever a transaction is made, proves that suppliers and sellers cannot ever read client data. Apple Pay and the rest of mobile payment services also depend on tokenization.
According to Samsung, the LoopPay issue relates completely to the office system managing only email, data file and printing facilities. Right after that hacking attempt was found, separate teams of experts handled it quickly, while the organization put extra safety measures in place to prevent upcoming strikes.
A government-related Chinese hacking team, named Sunshock Group or Codoso Group, was accountable for this isolated attack, said the company’s officials. LoopPay considers they were attempting to steal the organization’s magnetic strip technologies, the main reason why Samsung bought this relatively small company.
MST, or Magnetic Strip Technology, sets Samsung Pay apart from similar service, like Android Pay, Apple Pay, and the rest. Most smart phone transaction services can be used when a seller has set up a contactless terminal for cards. This system is used by touching a phone or special bankcard against the terminal. Many shops around the globe, however, still depend on old devices that need clients’ cards to be touched against their magnetic strip. Thanks to MST, customers now can pay via their mobile phones even in places that still have these outdated terminals.
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