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PayPal reveals payment company it acquired earlier this year was hacked

06 Декабря, 2017, 02:02 | Author: Nadine Todd
  • PayPal Admits Acquired Company Suffered Major Breach

According to a news report in The Wall Street Journal, in November PayPal suspended the operations of TIO Networks, which makes digital bill payment tools for companies and operates kiosks in retail stores.

PayPal-owned payment processing provider TIO Networks says the personal details of as many as 1.6 million people could have been compromised.

The announcement came from PayPal, officials said, who recently acquired TIO networks.

A spokesman for Duke Energy said a more than 370,000 of the utility company's customers may have had their public information exposed in a data-breach involving a third-party payment processing company.

Meanwhile PayPal assured: "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".

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The published TIO statement says that they have: "uncovered 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".

In Europe, the forthcoming General Data Protection Regulation (GDPR) will mandate 72-hour breach notifications or else firms could run the risk of fines up to €10m or 2% of global annual turnover.

The company is now in the process of notifying its clients that may have been affected by this breach.

In the meantime The company has advised users to find alternative ways to pay their bills and also Offered customers free credit checks and identity theft insurance as part of their reaction to the problem.

PayPal said, as a result, it is taking steps to protect affected customers while TIO coordinates with the companies it services to notify potentially affected individuals.

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