Samsung Pay Is More Than Safe, Claims Samsung

Samsung claims that Samsung Pay is not affected by the recent hack of its own acquired LoopPay.

Samsung Electronics is the largest smartphone maker in the world. In recent years, it has failed to do what it claims. Gradually it lost its market position and market status as well as the title of largest smartphone vendor in the world. The technology is advancing with time hence in the past two years the trend of online mobile payments and the concept of tap-to-pay is increasing.

The South Korean smart phone maker recently launched its Samsung Pay, which was integrated in Samsung Galaxy S6 Edge. These technologies are the next level technologies with an edge; however, the problem in releasing this in a modern tech world is that others might want to steal your product if it is too good.

Recently, LoopPay was hacked by a number of hackers that raised concerns and questions regarding the newly launched tap-to-pay online payment system, Samsung Pay. However, the largest smartphone manufacture moved away smoothly in order to ease such concerns.

The company stated that its new payment service is, in no way, under threat from hackers. LoopPay was acquired by Samsung only back in February in an attempt to take on Apple’s online mobile payment service. Apple Pay, since its inception, gained immense fame and popularity and was becoming a very mobile payment platform.

Samsung’s chief privacy officer, Darlene Cedres, stated, “Samsung Pay was not impacted and at no point was any personal payment information at risk.” She further made it clear that Samsung Pay and LoopPay are different in fact they have a physically separate network.

Forbes reported that it is possible that the Chinese hackers who hacked Samsung’s acquired Loop Pay would have been trying various ways to get to the technology that drives and operates Samsung Pay. The company made sure that its network and technology are more than safe and Loop Pay’s breaching caused no effects on it. The acquisition completed in February as Samsung wanted to have its own version of tap-to-pay platform to compete against Apple.

Hackers got into the Loop Pay software and network in around March but there are no news as of yet regarding if the company’s systems or its consumer data have been damaged or not. As mentioned earlier, the hackers were said to be based in China and are known as the Sunshock Group or Codoso Group.

This rise of information technology has compelled companies to protect and secure their infrastructure from threats. Samsung also requires to follow and safeguard its tech from hackers.