LifeLock has been forced to pull the mobile wallet it acquired for more than $40 million last year from app stores and delete all user data from its servers after deciding the technology might not be PCI compliant.
Identity-theft specialist LifeLock bought mobile-wallet start-up Lemon for an initial consideration of $42.6 million in December and rebranded the app - which has been downloaded more than 3.6 million times - as LifeLock Wallet.
However, LifeLock CEO Todd Davis has now written a blog post revealing: "We have determined that certain aspects of the mobile app may not be fully compliant with payment card industry (PCI) security standards."
The app has been pulled from the App Store, Amazon Apps, and Google Play. When existing users open their virtual wallet, their information will be deleted, with all data wiped from LifeLock's servers.
"Even though we have no reason to believe the data has been compromised, we believe this is the right thing to do," writes Davis, who adds that the move does not affect LifeLock's subscription identity theft protection services.
The firm is now working to get the wallet back in app stores "with the highest level of PCI compliance" soon.