N.Y. Times: Samsung subsidiary Loop Pay, part of Samsung Pay, hacked by Chinese group

One of the advantages of Samsung Pay is that the mobile payment service works not only with retailers who use NFC wireless POS systems, but it also works with every retailer that swipes a credit card to ring up a transaction. That is due to the magnetic secure transmission used by Loop Pay, which was purchased last February by Samsung. With Loop Pay, Samsung Pay can be used at over 10 million retailers globally.

A report in today’s New York Times says that less than a month after being purchased by Samsung, Chinese hackers were able to break into Loop Pay’s computer systems. The hackers, …

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