On 16th May 2014, leading provider of identity theft protection services – LifeLock – announced in a blog post that their Wallet apps for iOS as well as Android were pulled down, since they might not be fully compliant with PCI security standards. The company has pulled down the app and atomized it to delete a user’s data, next time he opens the app.
“One thing I’ve learned in business and, for that matter, life is the importance of authenticity and transparency. With that in mind, I want to make you aware of an issue that we identified related to our recently acquired LifeLock Wallet application. We have determined that certain aspects of the mobile app may not be fully compliant with payment card industry (PCI) security standards,” stated the Chairman & CEO of LifeLock, Todd Davis, in a blog post. “For that reason, we are removing the LifeLock Wallet application from the App Store, Amazon Apps, and Google Play, and when users open the LifeLock Wallet, their information will be deleted in the app,” he added.
- The blog post says that this move does not affect LifeLock subscription identity theft protection services in any manner.
- The company has taken steps to delete all stored information from their servers, even though they do not really believe that any data has been compromised.
- Todd Davis assures users that LifeLock Wallet will be available again in full burst with maximum security.
“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. We know we’re asking a lot of our LifeLock Wallet users—to delete and go without this application for a period of time. I personally apologize for the inconvenience,” wrote Davis. “You’ll know that you can download it [LifeLock Wallet], provide your personal information and use it again with confidence—knowing that it’s backed by an industry leader that is committed to doing the right thing and taking care of its customers.”
In December 2013, LifeLock had acquired Lemon Wallet for around $42.6 Mn.Lemon Wallet was co-founded in July 2011 by Wences Casares (CEO) and Meyer Malka. The company had received a total funding of $8 Mn through investors Maveron, Lightspeed Venture Partners, CampVentures,Draper Fisher Jurvetson and The Social+Capital Partnership.