TOKYO -- Seven-Eleven Japan thought using two-factor authentication for its just-released mobile payment feature would be too much of a hassle for users, a gamble that quickly cost the company consumer trust.
In the days after the convenience store chain rolled out 7pay on July 1, hackers made off with over 38 million yen ($350,000) from unsuspecting accounts. Now the parent company Seven & i Holdings will shut down the service in its entirety at the end of September.
