Science

PayPal Admits Acquired Company TIO Networks Suffered Major Breach

PayPal Admits Acquired Company TIO Networks Suffered Major Breach

In yet another data breach of the year, PayPal has admitted that it was an indirect victim of a security breach that resulted in the leak of over 1.6 million customers' data.

Hundreds of thousands of Duke Energy customers in the Carolinas may have been exposed to a possible breach of info, officials said Monday.

While the suspension of service has left TIO billers afloat, the ultimate outcome may be even more damaging should PayPal decide to unwind the purchase. The hope was it could eventually introduce TIO's cash-based users to more of PayPal's digital services, helping the company bring in more active users to its base of almost 200 million customers.

PayPal acquired TIO Networks in July 2017 in a deal worth $238 million.

Marathon Oil Corporation (NYSE:MRO)
The shares of the company (VSTO) staged the smart recovery as has roared back some 13.23% after stumbling to its new 52-weeks low. Following the completion of the sale, the vice president now directly owns 61,757 shares in the company, valued at $3,288,560.25.

PayPal has revealed that a potential compromise of personally identifiable information for approximately 1.6 million customers has been found on its TIO Networks.

Back in November, PayPal started investigating its newly-acquired subsidiary TIO Networks' servers for security vulnerabilities and made a decision to suspend the latter's operations after TIO's servers were found wanting in terms of information security standards practiced by PayPal itself.

The operations of TIO were suspended by PayPal last month in order to safeguard customer data while a probe looked into the former's security weaknesses. TIO runs 60,000 payment kiosks across North America. The company is also working with a consumer credit reporting agency to provide free credit monitoring memberships. We sincerely apologise for any inconvenience caused to you by the disruption of TIO's service, ' said TIO Networks in a statement.


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