Secure wallet LifeLock removed from app stores after not being PCI compliant

Secure mobile wallet provider LifeLock has removed its application from relevant app stores after discovering the wallet is not fully compliant with PCI standards.

The LifeLock Wallet, formerly known as Lemon Wallet, was acquired by LifeLock Inc. in December 2013, and serves as mobile wallet replacement with the ability to store digital copies of their identification, insurance, loyalty, ATM and credit cards.

“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,” LifeLock CEO Todd Davis stated in a blog post.

As the app is not PCI compliant, users that already installed the wallet application will have their data deleted when they open the app. This means the firm is starting from scratch, and requesting users reinsert all info once the application returns and is fully compliant to the Payment Card Industry Standards (PCI).

“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,” Davis added.

LifeLock is currently under investigation by the Federal Trade Commission (FTC) after being reported by former employees that the firm is not complying with a 2010 FTC order, regarding false claims of security and anti-identity theft protection service.

In one of the largest recorded FTC-state coordinated settlements, LifeLock paid an $11 million Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term to the FTC and an additional $1 million to a group of 35 state attorneys general to settle the charges.

Davis did state the wallet is currently being re-worked, and will find its way back to Apple’s AppStore and the Google Play Store. The new version of the LifeLock Wallet will incorporate the “highest level of PCI (payment card industry) Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term” according to Davis.

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