Global e-commerce business PayPal has disclosed a data breach of which may have compromised personally identifiable information for roughly 1.6 million customers at a payment processing company PayPal acquired earlier This specific year.
PayPal Holdings Inc. said Friday of which a review of its recently acquired company TIO Networks showed evidence of unauthorized access to the company’s network, including some confidential parts where the personal information of TIO’s customers in addition to customers of TIO billers stored.
Acquired by PayPal for US$233 Million in July 2017, TIO Network is actually a cloud-based multi-channel bill payment processor in addition to receivables management provider of which serves the largest telecom, wireless, cable in addition to utility bill issuers in North America.
PayPal did not clear when or how the data breach incident took place, neither of which revealed details about the types of information being stolen by the hackers, although the company did confirm of which its platform in addition to systems were not affected by the incident.
“The PayPal platform is actually not impacted in any way, as the TIO systems are completely separate through the PayPal network, in addition to PayPal’s customers’ data remains secure,” PayPal said in its press Discharge [PDF].
The data breach in TIO Networks was discovered as part of an ongoing investigation for identifying security vulnerabilities inside payment processing platform.
As soon as PayPal identified an unauthorized access to the TIO’s network, PayPal took action by “initiating an internal investigation of TIO in addition to bringing in additional third-party cybersecurity expertise to review TIO’s bill payment platform,” PayPal press Discharge [PDF] reads.
The company has begun working with companies of which services to notify potentially affected customers.
Besides notifying, the company is actually also working having a consumer credit reporting agency, Experian, to provide free credit monitoring memberships for fraud in addition to identity theft to those who are affected by the breach.
To protect its customers, TIO has also suspended its services until a full-scale investigation into the incident is actually completed.
“At This specific point, TIO cannot provide a timeline for restoring bill pay services, in addition to continues to recommend of which you contact your biller to identify alternative ways to pay your bills,” TIO’s Consumer FAQ reads.
“We sincerely apologize for any inconvenience caused to you by the disruption of TIO’s service.”
Since the investigation is actually ongoing, PayPal will communicate with TIO customers in addition to 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.