TIO Networks Announces Data Breach Exposing Records of 1.6 Million Customers

 

PayPal recently acquired the company TIO Networks to use as their payment processor.  The purchase price was $238 million and now it looks like that purchase may have come with an expected surprise… a data breach. 

 

The good news is that PayPal has not done any type of integration between their data and that of TIO which means that if you have a PayPal account, that info was not involved.

 

As I continue to stress, if this can happen to companies that are working constantly to prevent these types of breaches, everyone needs to be as vigilant as possible to keep their data and the data of their business secure.

 

Here is what the company has to say:

 

TIO Networks Provides Update on Suspension of Operations

SAN JOSE, Calif. – December 1, 2017 – PayPal Holdings, Inc. (Nasdaq: PYPL) today announced an update on the suspension of operations of TIO Networks (TIO), a publicly traded payment processor PayPal acquired in July 2017. A review of TIO's network has identified a potential compromise of personally identifiable information for approximately 1.6 million customers. 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.

As announced on November 10, PayPal suspended the operations of TIO to protect customer data as part of an ongoing investigation of security vulnerabilities of the TIO platform. This ongoing investigation has identified evidence of unauthorized access to TIO's network, including locations that stored personal information of some of TIO's customers and customers of TIO billers. As a result, PayPal is taking steps to protect affected customers.

TIO has also begun working with the companies it services to notify potentially affected individuals, and PayPal is working with a consumer credit reporting agency to provide free credit monitoring memberships. Individuals who are affected will be contacted directly and receive instructions to sign up for monitoring.

More information has been posted at www.tio.com.

About PayPal

Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (Nasdaq: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal's 218 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit http://ift.tt/29ctqcr. For PayPal financial information, visit http://ift.tt/2krcnch.

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