SamsungPay Heads Up
Ping!
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Posted on 10/07/2015 11:47:17 PM PDT by Swordmaker
WASHINGTON — Months before its technology became the centerpiece of Samsung’s new mobile payment system, LoopPay, a small Massachusetts subsidiary of the South Korean electronics giant, was the target of a sophisticated attack by a group of government-affiliated Chinese hackers.
As early as March, the hackers — alternatively known as the Codoso Group or Sunshock Group by those who track them — had breached the computer network of LoopPay, a start-up in Burlington, Mass., that was acquired by Samsung in February for more than $250 million, according to several people briefed on the still-unfolding investigation, as well as Samsung and LoopPay executives.
LoopPay executives said the Codoso hackers appeared to have been after the company’s technology, known as magnetic secure transmission, or MST, which is a key part of the Samsung Pay mobile payment wallet that made its public debut in the United States last week.
(Excerpt) Read more at nytimes.com ...
Ping for your lists. . . more hacking in important places, LoopPay for months before Samsung bought it to make SamsungPay. . .
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It is a hacking attempt to steal the technology, not a breach of the technology itself.
Your transactions are safe for now. Since the range of this technology is so short, they would have to have a device physically where you are doing your transaction.
It is a localized transaction technology.
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Yet Hillary Clintons server was immune from attack!
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