The New York Times reported today that LoopPay was hit with a cyberattack earlier this year and that the attackers were presumably after the company's magnetic secure transmission technology which is essential to Samsung Pay. As many of you might be aware Samsung acquired LoopPay back in February and used its technology to make Samsung Pay work with existing card terminals, giving its payments service a major leg up on the competition.
Samsung was quick to issue a clarification, the company says that the attacked targeted LoopPay's office network and that Samsung Pay was not impacted at all, personal payment information of users was never at risk at any point. It says that this was an isolated incident on the office network which is physically separate from Samsung Pay, the incident was resolved and “had nothing to do with Samsung Pay.” Samsung further explains that LoopPay's office network handles file servers, printing and email within the company and that it's completely separate from the product network that handles payment transactions, that network is run by Samsung. The company says that LoopPay was quick to respond when the attack was discovered and it “acted immediately and comprehensively.” It reiterates multiple times that Samsung, Samsung Pay and Samsung users were not affected at any point, the company remains confident that Samsung Pay is safe and secure and be used almost anywhere you can swipe or tap a card today, as long as you're in South Korea and the United States.
