a small upstart company in Massachusetts, USA, came up with the idea that would later be bought by one of the largest electronic brands in the world, Samsung. The technology, called LoopPay later turn into what underlies the Samsung mobile payment system to rival Apple Pay. But Chinese hackers attacked the small subsidiary a number of months ago and gained unauthorized access for almost five months until it was reported. The hacking group known as Codoso group or Sunshock Group, had managed to access the internal network LoopPay Samsung suffers hack the payment system.
since Samsung have announced that their Samsung Pay has not been affected, even if the technology behind the mobile payment system was compromised. The Korean company also announced that absolutely no personal data has been consulted, nor any financial information belonging to clients. Samsung launched its mobile payment system to rival Apple Pay last month, but it is thought that Samsung knew about the hack at launch. Although the details of this customer were stolen from the security breach, it is unclear what information was able to grab the intruder.
If were able to gain unauthorized access to LoopPay, even if it is separated from the intruder Samsung customers, there is still a chance that hackers could retrieve valuable information on how the system works. Samsung Pay, which uses LoopPay under the hood, effectively replaces the need for the customer to pay with cards or money, but their phones instead. By storing and linking the bank and credit card user's details, hacking potential grows high. Thus, the consequences of hackers accessing the internal network of such technology could be far reaching. With Samsung Pay launch in the US on September 29, it is ready to be announced in Europe in the near future.
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