Shulou(Shulou.com)05/31 Report--

According to foreign media reports, security expert SalvadorMendoza said at the 2016 Black Hat Technology Conference that Samsung Electronics' mobile payment service SamsungPay has a security loophole that may lead to the disclosure of users' security vulnerabilities. A spokesman for Samsung Electronics later issued a statement clarifying that the doubts about Samsung Mobile payments were false.

SamsungPay has a loophole? Samsung officially denies it (photo from CNET)

A Samsung spokesman explained that SamsungPay has advanced security features to ensure the encryption and security of trading certificates, and the current reports are not true. Unlike ordinary near-field payments, SamsungPay is a magnetic contactless payment system that can be used by any POS machine. Samsung converts credit card data into tags, hoping to prevent hackers from getting credit card number information from user devices.

It is understood that Samsung Zhifu (SamsungPay) officially launched in China at 9:30 on March 29, 2016. Samsung Zhifu supports the credit cards of Industrial and Commercial Bank of China, China Construction Bank, Guangfa Bank, CITIC Bank, China Everbright Bank, China Minsheng Bank, Ping an Bank, and debit cards of China Construction Bank and CITIC Bank. It is not clear whether it will join a new card issuer after its official launch-at least China Merchants Bank has been in talks.

Because SamsungPay supports MST magnetic payment technology, this technology allows mobile phones to simulate the electromagnetic signals of bank cards, and SamsungPay can also be used on ordinary POS machines. For comparison, ApplePay requires that POS must support NFC function, but due to the low popularity of UnionPay flash Pos, very few businesses can use it after the high-profile launch of ApplePay.

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