Samsung Pay subscribers had been worried after hearing that Samsung's LoopPay service was breached. However, the company stated that there is nothing to worry about and that everything is under control.
One would not be surprised if users of Samsung Pay had heart palpitations when word spread earlier that LoopPay. The now Samsung-owned business whose expertise is seemingly the center to the tech hulk's new mobile payment system has been hacked. Samsung, on the other hand, states that there is nothing to be afraid of.
LoopPay was the objective of a sophisticated attack by a government-affiliated cluster of Chinese hackers, but Samsung publicized that the new mobile payment scheme was not affected.
Samsung wrote in a blog post that the first thing to know is that Samsung Pay was unaffected and at no point was there any personal payment information at jeopardy. This was a secluded event that focused on the LoopPay office system, which is a different system from Samsung Pay.
The hack attack began as early as March and was delivered by a group known as Sunshock. The hackers were apparently after LoopPay's magnetic technology for secure transactions, which plays a vital role in Samsung Pay mobile payment wallet.
However, Samsung states that the hack has damaged three servers on LoopPay's internal office system, which handles emails, file servers, and printing services. That network is different from the system that manages Samsung Pay transactions.
As soon as LoopPay got word of the issue, the company brought in two independent professional security groups, acknowledged and secluded the targeted devices, examined its entire structure to limit the degree of the hack, and put additional firewalls in place. Samsung added that the issue has been fixed and recapped that LoopPay had nothing to do with Samsung Pay.
The company is poised that Samsung Pay is secure and safe. Each business deal uses a digital token to substitute card numbers. The encrypted token combined with certificate information can only be used once to make a transaction. Retailers and merchants cannot save or see actual card data.