The payments industry as a whole must work to increase consumer trust in new payments innovations in order for new systems to be adopted by the banks and card issuers alike. Card fraud losses increased by 6% in 2014, or by 28.6 million, to 479 million. Samsungs mobile payments acquisition LoopPay was breached by Chinese hackers Codoso Group. Samsung is using the LoopPay technology to roll out Samsung Pay, yet they claim that the breach did not affect users of Samsung Pay.”]
Source: https://informationsecuritybuzz.com/articles/we-need-aa-safe-and-secure-future-for-payments/