PayPals Unit TIO gets breached, 1.6 million users accounts exposed

Tuesday 5 December 2017 10:50 CET | News

TIO Networks, PayPal’s recently-acquired payment processor, has revealed that up to 1.6 million customers have had their information stolen in a recent data breach.

The data breach was caused by “unauthorized access”, according to TIO Networks. The company said that unknown attackers were able to gain access to “locations that stored personal information of some of TIOs customers and customers of TIO billers”, according to ZDnet.

In total, up to 1.6 million customers may have had their information leaked, which could include personally identifiable information (PII) or potentially financial data. However, officially, no details on the type of information exposed have yet been revealed. TIO Networks has begun notifying potentially impacted customers by the security issue, and PayPal has signed up credit reporting agency Experian to provide free monitoring for 12 months to customers which have been verified as victims.

PayPal acquired TIO Networks in July 2017 in a deal worth USD 238 million. TIO Networks operates under PayPals umbrella but acts as a separate company, processing over USD 7 billion in consumer bill payments in 2016, supporting roughly 16 million customer bill pay accounts.

In November 2017, PayPal announced the suspension of TIO Networks’ operations. Furthermore, TIO’s platform, has not been integrated into PayPal’s business, which means users of the latter have not been impacted by the latest disclosure.

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Keywords: TIO Networks, PayPal, data breach, online security, fraud prevention, payment fraud, PII, financial data, cyber security
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
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Securing Transactions