In a blog post on its corporate website, LOCK Chairman and CEO Todd Davis said that the
company had withdrawn the app after learning that “certain aspects of the mobile app may not be fully compliant with payment card industry (PCI) security standards”.
The LifeLock Wallet app had been available from Apple’s App Store, as well as Google Play and Amazon Apps.
LOCK has pulled the app from all of those venues and says it is developing a new version of the LifeLock Wallet with the “highest level of PCI compliance” and will launch that in the near future. Davis apologized for the “inconvenience”.
Davis noted that when current users open their LifeLock Wallet apps, all personal data in the app and on LifeLock’s mobile servers will be erased. According to Davis, LOCK has “no reason to believe the data has been compromised”, but was taking the action because “we believe this is the right thing to do”.
Shares in the identity security provider (LOCK) plunged more than 15% in Monday trading after it pulled its LifeLock Wallet app from various mobile app stores closing at $12.98 per share on Friday.