PayPal Admits That 1.6 Million Customer Details Stolen at TIO networks

PayPal Admits That 1.6 Million Customer Details Stolen at TIO networks

PayPal notified clients on Friday that private data for 1.6 million individuals may have been stolen by hackers who breached the systems of its subsidiary TIO Networks, which is a Canadian organization that operates a network of over 60,000 utility and bills payment kiosks across North America. PayPal acquired it in July 2017 for $238 million in cash.

On November 10, PayPal said that TIO had suspended operations in an attempt to protect clients following the discovery of security flaws on the subsidiary’s platform.

Acquired by PayPal for US$233 Million in July 2017, TIO Network is a cloud-based multi-channel bill payment processor and receivables management provider that serves the largest telecom, wireless, cable and utility bill issuers in North America.

PayPal did not clear when or how the data breach incident took place, neither it revealed details about the types of information being stolen by the hackers, but the company did confirm that its platform and systems were not affected by the incident.

~According to PayPal
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.

Since the investigation is ongoing, PayPal will communicate with TIO customers and merchant partners directly as soon as the company has more details on the incident. Also, the affected customers will be directly contacted by the company.
TIO said that the services will not be completely restored until it’s sure that its systems and network are secure.