Samsung Pay is one of the world’s most popular mobile payment methods, well, to the areas where it is applicable anyway. However, wherever it can be used, there are many individuals who use them and these can be found in large markets in various regions around the globe today. This is a direct rival towards Apple Pay and Android Pay. However, the South Korean tech firm’s payment system is only limited towards a number of Galaxy models. Still, the company is continuing their efforts in bringing the service to more devices, even towards the Gear S2 and S2 Classic as it’s Beta period for these devices are already ready. The service also recently launched in Australia, Singapore, Puerto Rico, and Brazil within the past few months. However, while the growth of the payment system is not stopping any time soon, there have been findings that it is already susceptible to fraudulent attacks.
Samsung Pay Users Should be More Careful
As per one study, Samsung Pay is able to satisfy more customers than that of its direct competitor, Apple Pay, for many reasons. While the payment scheme has been up and running for a while now, there have been no signs of large problems with it, until recently. Recent findings state that some error has allowed hackers to be able to skim several credit cards.
How is this being done? The idea here is that the tokens being used within recent Samsung Pay transactions can, in fact, be stolen. These can then be used for further transactions. As per a security researcher, the system’s security is only limited and it can be exploited with the right tools, knowledge, and understanding.
The problem lies within the thought that credit card data can be converted into tokens and those can be hacked and/or duplicated. These tokens are supposed to secure the information embedded into credit cards, but unfortunately these can be exploited into making new purchases. Any token that can stolen by anyone, especially when you know when the transaction will take place. Hence, the result, unfortunately, is a possible credit card skimming.
Security researcher Salvador Mendoza showed off his experiment with regards to the Samsung Pay vulnerability within a YouTube video, and it was a success. A token that has been sent to a friend who is residing in Mexico, and it should be noted that the service is not yet available in that region. The token still arrived to his friend but the researcher was able to duplicate the information. Therefore, users of this payment should be wary as to where they use it.
Share This on Facebook