A small upstart company in Massachusetts, USA, came up with the idea that would later be bought out by one of the world’s biggest electronic brands, Samsung. This technology, called LoopPay, would later evolve into what underpins Samsung’s mobile payments system, to rival Apple Pay. But Chinese hackers attacked the small subsidiary a number of months ago and gained unauthorised access for almost five months until it was reported. The hacking group, known as Codoso Group or Sunshock Group, had managed to access LoopPay’s internal network as Samsung suffers hack on pay system.
Samsung have since announced that their Samsung Pay has not been affected, even though the technology underpinning the mobile payment system was compromised. The Korean company also announced that absolutely no personal data was accessed, nor any financial information belonging to customers. Samsung launched their mobile payment system to rival Apple Pay last month, but it is thought that Samsung knew about the hack at the time of launch. Even if no customer’s details were stolen in the security breach, it is not known what information the hacker’s were able to retrieve.
If the hacker’s were able to gain unauthorised access to LoopPay, even if it is separate from Samsung’s customers, there is still a chance that the hackers could have retrieved valuable information on how the system works. Samsung Pay, which uses LoopPay under the hood, effectively replaces the need for customer’s to pay with cards or cash, but their phones instead. By storing and linking user’s bank and credit card details, the potential for hacking grows high. So the consequences of hackers accessing the internal network of such a technology could be far reaching. With Samsung Pay launching in the US on September 29th, it is set to be announced in Europe in the near future.
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