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LifeLock Pulls mWallet Over Security Concerns

LifeLock has pulled its mobile wallet after concerns surfaced that certain aspects of the app may not be fully compliant with payment card industry (PCI) security standards. The online security company has removed the app from the Apple, Google and Amazon app stores as a precautionary measure, no breaches have been reported.

In a posting on the company blog, CEO Todd Davis further noted that they company is taking steps to address the problem and hopes to have the wallet up ad compliant again soon.

“We have taken steps to delete all stored information for the mobile app from our servers. Even though we have no reason to believe the data has been compromised, we believe this is the right thing to do. As a company dedicated to online security and safety, we are committed to doing everything we can to ensure those who trust us with their personal information can do so without question. We believe the LifeLock Wallet provides services and functionality that users value, and we’ll be working to return a Wallet with the highest level of PCI compliance to users soon.”

CEO David further apologized to consumers who are being asked to delete and forgo the usage of the mWallet app for the immediate future.

Security industry vet Graham Cluley thinks pulling the app was “the right thing to do,” but also expects LifeLock will face fallout. “This is going to be a headache for some LifeLock users, who may have put passwords and PIN codes into their LifeLock app hoping that the service would remember them on their behalf.”

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