LifeLock Pulls Wallet App Due to Security Concerns

LifeLock Pulls Wallet App Due to Security Concerns

June 5, 2014         Written By Lynn Oldshue

LifeLock has withdrawn its Wallet app from the market after concerns that it did not meet the Data Security Standard. The company has also deleted all user data from their system to prevent any future problems from arising.

Todd Davis, CEO of LifeLock, issued a statement emphasizing that the app closing was not a response to a security breach. Rather, it was a means of precaution. Removing the Wallet app does not impact LifeLock ID theft services in any way.

“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,” said Davis. “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.”

LifeLock introduced the Wallet after the company acquired Lemon, a mobile wallet innovator, for more than $40 million in December 2013.

If you have used the LifeLock Wallet app in the past, it will no longer be an option. Davis indicated a similar app from the company may return to the market in the future.

“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.”

The information contained within this article was accurate as of June 5, 2014. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and may be compensated if you take action with any of our affiliate partners.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
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