Samsung LoopPay Hacked

Chinese government supported hackers known as the Codoso Group or Sunshock Group have penetrated Samsung’s new mobile payment system LoopPay ,reported the New York Times.

Will Graylin, CEO and general manager of Samsung LoopPay , told the New York Times, the attackers had entered into LoopPays corporate network.

According the report the chinese Codoso hackers were after the payment technology Magnetic Secure Transmission (MST), which is an important part of Samsung’s payment service Pay Samsung.

Google and Apple use the similar technology known as NFC “Near Field Communication” which uses a contactless signal to send data and information from a mobile phone to a cash registers or a card reader and requiring a distance of 4cm or less to initiate a connection.