From CNET: Customers who use the Samsung Pay mobile payments system weren't hurt by a hack attack on LoopPay, a company Samsung acquired to help power the service, the company said on Thursday.
LoopPay, which Samsung acquired in February to set up its payment system, was hit by a hacking incident in March, The New York Times reports. Samsung is seeking to reassure customers that their data is not at risk, saying it is "confident that Samsung Pay is safe and secure," according to a Samsung blog post. The South Korean company said the hack was "an isolated incident" that did not impact Samsung Pay, which runs on a physically separate network to LoopPay, at all.
The company announced Samsung Pay at Mobile World Congress in March 2015 and launched in the US last week, with more countries expected to get the service soon. With the technology in the spotlight, Samsung has a strong interest in it being perceived as trustworthy.
Smartphones are increasingly being equipped with payment technologies that provide a convenient alternative to paying by cash and card. So far in 2015, we have seen Apple, Google and Samsung launch competing mobile payments services. But just as with online payments and mobile banking, consumers will need to know they can trust the services to handle their money securely before they will achieve the same ubiquity as credit and debit cards.
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