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LoopPay Corporate Networks Breached

Category: General News
Posted: 03:55PM

Samsung has reported that LoopPay, a company it acquired earlier this year, was the victim of a network security breach. LoopPay is responsible for the "secret sauce behind Samsung Pay," the payment service launched just last week. The attack was reportedly carried out by "a state-sponsored Chinese hacking group—known as the Codoso Group or Sunshock Group among security professionals." Samsung chief privacy officer Darlene Cedres addressed the breach stating, "Samsung Pay was not impacted and at no point was any personal payment information at risk. This was an isolated incident that targeted the LoopPay corporate network, which is a physically separate network from Samsung Pay. The LoopPay corporate network issue was resolved immediately and had nothing to do with Samsung Pay." it is believed that the motivation behind the attack was to gain access to the intellectual property of LoopPay, particularly magnetic secure transmission and cryptographic information.

Source: Fortune

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El_Capitan on October 08, 2015 00:58

I used to work for the company the founder of LoopPay started before LoopPay (Roam Data, which was acquired by Ingenico). Very sloppy companies. They're in it to start up mobile payments with encryption, then sell it. Very easy to hack into their network... which is why I stay away.

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