Paypal has disclosed a breach in its recently acquired payment processing company TIO Networks.
Paypal has disclosed a breach in its recently acquired payment processing company TIO Networks.Personal information of about 1.6 million customers has been stolen in the breach.TIO Networks is a Canadian based company which was acquired by Paypal in July 2017 for $US 233.
Read more on: OSX.Proton Malware spread through Fake Symantec BlogIn a statement, the company said that they discovered evidence of unauthorized access to TIO Networks including locations that stored personal information of some of TIO’s customers and customers of TIO billers.The company also said that “The PayPal platform is not impacted in any way, as the TIO systems are completely separate from the PayPal network, and PayPal’s customers’ data remains secure.”The data breach was discovered as a part of the investigation for security vulnerabilities in TIO Networks platform.On November 10, Paypal has suspended all the operations in TIO Networks due to the discovery of security vulnerabilities in TIO Networks.
Read more on: Uber paid $100,000 to Hackers for Not leaking the data!Paypal said that it has started an internal investigation in the TIO Networks and hired a third party cyber security company to review TIO’S bill paying platform.The company has also started notifying the potentially affected customers about the incident and is also working with a credit reporting agency Experian to provide free credit monitoring to for customers affected by the breach.“Individuals who are affected will be contacted directly and receive instructions to sign up for monitoring,” said the company.It is still unclear who was behind the breach and when and how the breach happened. The company also did not reveal much about the breach and data’s which were stolen.“At this point, TIO cannot provide a timeline for restoring bill pay services, and continues to recommend that you contact your biller to identify alternative ways to pay your bills. We sincerely apologize for any inconvenience caused to you by the disruption of TIO’s service” said in the statement published by TIO Network.
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