Samsung Responds To Samsung Pay Security Flaw

[DroidModderX]

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Yesterday a security expert uploaded a video of himself successfully skimming a payment token, loading it to a card device and using the stolen token to pay for a real life item. This was a proof of concept showcasing a Security Flaw in Samsung Pay. Today Samsung responded to the video.

This skimming attack model has been a known issue reviewed by the card networks and Samsung pay and our partners deemed this potential risk acceptable given the extremely low likelihood of a successful token relay attack. The card networks and issuers also run their fraud prevention algorithms on all payment attempts, including Samsung Pay. This serves as another layer of protection against token relay.

Here is the good news. If a hacker does steal a pay token it is only good for one use within 24 hours. The thief would not have any of your credit card information. The skimming hack would be nearly impossible as it can only happen once the user initiates a payment with their device. The skimmer would need to be within inches of the device as it is being used to pay for something. The token would only be usable if you cancel the transaction that the hacker stole since the token is only good for one use.

It looks like this is nothing to be concerned about. The only way this could be a real issue would be if someone posed as a sales rep with a mobile payment system. As with everything else in life you will just have to use common sense with Samsung Pay.

via Samsung

 

[akhenax]

The token would only be usable if you cancel the transaction that the hacker stole since the token is only good for one use.​

If I'm buying something with a credit card, and actually use the credit card, why in the world would I then cancel using the same credit card? Possible? yes. Likely? No.
I guess what I'm saying is, yes, I would consider this an acceptable risk.

 

[jbal52]

I have developed quite a liking for Samsung Pay and use it whenever I have access to the reader. I have to laugh at people who have to wait for those chip cards to process when people behind them are rolling their eyes. Samsung Pay is so unbelievably quick; it can still surprise me. After reading this explanation, I have little fear of continuing to use it.

 

[mountainbikermark]

I seem to remember a certain general (MacArthur) saying a successful attack would be extremely low right after Pearl Harbor was devastated as well.

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