Monday, December 4, 2017
In its update, PayPal noted that a review of TIO's network has identified a potential compromise of personally identifiable information for approximately 1.6 million customers, as well as 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. "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," PayPal added.
TIO is a cloud-based, multichannel bill payment processor that reportedly processed over $7 billion in payments for 14 million customers in 2016. When PayPal heralded its intention to acquire TIO in February 2017, Dan Schulman, President and Chief Executive Officer of PayPal, said, "By acquiring TIO and integrating bill payment into our global payments platform, PayPal adds another key service in our efforts to become a part of a consumer's everyday financial life. … TIO's digital platform and physical network of agent locations make paying bills simpler, faster, and more affordable. We are excited by the opportunity to extend this valuable service to our existing customers and welcome new billers and customers to PayPal."
TIO is now working with the companies it services to notify potentially affected individuals. "Notification is occurring primarily through mail and email, depending on certain factors," TIO stated.
PayPal is working with consumer credit reporting agency Experian to provide free credit monitoring memberships for 12 months (24 months for customers whose Social Security numbers were exposed). Membership benefits include:
Further details are available at www.tio.com .
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.