\tBosses at retailer 7-Eleven Japan called time on its fledgling 7Pay mobile payment service, after deeming attempts to recover from a major security breach were too onerous.<\/p>\n
The service launched on 1 July offering cashless payments in the retailer\u2019s chain of convenience stores, but within days the set-up was attacked by fraudsters [1] who raided customers\u2019 accounts. The shutters are set to be pulled down on 30 September.<\/p>\n
In a statement (translated from Japanese), 7-Eleven Japan said by 31 July a total of JPY38.6 million ($363,852) had been raided from 808 customers during the attack (it previously placed the number of consumers at 900 and the amount JPY55 million). While reiterating a promise to reimburse consumers affected by the breach, the company also explained a security review had led it to the conclusion \u201cit was difficult to continue the service provision\u201d.<\/p>\n
The lengthy process of resuming full service for all 7Pay customers was a key issue highlighted in the review, specifically the limited functionality 7-Eleven Japan could offer in the meantime. It also cited ongoing consumer concern about the service as a factor in its decision, though it added the evaluation showed no clear evidence of personal ID details being revealed in the attack.<\/p>\n
Despite the decision to close 7Pay, the company said the \u201csocial need for cashless is extremely high\u201d and it will meet demand for this through \u201ccollaboration with various payment services outside the group\u201d.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/featured-content\/money-home-banner\/fraudsters-exploit-7pay-security-hole\/<\/p>\n","protected":false},"excerpt":{"rendered":"
Bosses at retailer 7-Eleven Japan called time on its fledgling 7Pay mobile payment service, after …<\/p>\n
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