Samsung subsidiary LoopPay security breach was only at the office networks which is not used or connected to SamsungPay network. The affected systems have been isolated and consumer personal payment data is not at risk. Samsung had acquired LoopPay early this February for having their online payment mode.
The New York Times reported the hack was carried out by the Codoso Group that is affiliated to the Government of China. The hacking group is known for similar hacking on major finance and defense organizations.
The intentions of hackers are still unclear however it is believed they might have tried to hack in to get LoopPay’s codes or to find information on their consumers. This is a serious issue and Samsung needs to be warned as the hackers might return if the security is not safe.
Consumers don’t need to worry or stop using LoopPay as their details are all absolutely safe. The hack doesn’t mean consumers need to stop using Samsung Pay.
This is not the first time LoopPay’s network is breached by the Codoso Group. Even before Samsung had acquired the company its network was breached and hackers remained in for five months until August when an organization dedicated to track the Codoso Group found data related to LoopPay.
This is the first wireless payment system Samsung has started after acquiring the Massachusetts startup company. Several measures were taken to ensure the system is secure compared to regular credit card payments since it uses a different card number on every other payment. This is absolutely secure technology and measures will be taken to not just prevent but to identify such threats in future according to Samsung.