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.
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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 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” according to Davis.