Samsung Pay provider LoopPay was hacked by suspected Chinese government-linked hackers months before it was acquired by the Korean giant, according to a new report.
The well-known group, dubbed ‘Codoso’ or ‘Sunshock’, breached the Massachusetts-based start-up back in March, several Samsung and LoopPay execs and people briefed on the investigation told the New York Times.
The goal of the hackers appears to be LoopPay’s magnetic secure transmission (MST) technology, which allows users to tap and pay with their devices. The advantage of MST is said to be that it turns legacy magnetic swipe readers—which still dominate the retail landscape in the US—into contactless readers.
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