5th Dec 2017

Concerns over PayPal after 1.6 million customer details stolen

FONT SIZE: A+ A-
Security concerns over PayPal breach
Ben Hocking

PayPal has been left red-faced after it was forced to admit a massive data breach at a recently acquired payment processor.

TIO Networks, which was acquired by PayPal in July, admitted on Tuesday that the data of up to 1.6 million customers was stolen in a recent data breach.

PayPal said in a statement that TIO’s operations had been suspended since 10 November, while it investigated “security vulnerabilities” in the firm’s platform.

“The ongoing investigation has uncovered evidence of unauthorised access to TIO’s network, including locations that stored personal information of some of TIO’s customers and customers of TIO billers,” according to a TIO statement.



“TIO has begun working with the companies it services to notify potentially affected individuals.

“We are working with a consumer credit reporting agency to provide free credit monitoring memberships. Individuals who are affected will be contacted directly and receive instructions to sign up for monitoring.

PayPal was quick to point out that its own platform “is not impacted in any way” and that PayPal customer data remains secure.

Do you use PayPal to pay for your online purchases? Are you concerned about this latest data breach? Do you think PayPal should have notified customers sooner?

 

Related articles:
Is PayPal safe?
The pros and cons of PayPal
How to get free shipping





COMMENTS

To make a comment, please register or login
Rosret
6th Dec 2017
11:30am
...and here we go again.
Rosret
6th Dec 2017
11:34am
Anyone using the Return and Earn bottle return in the new NSW initiative may be vulnerable as that is how they get their money paid back into their bank account.
Rae
6th Dec 2017
12:19pm
A friend has her PayPal account hacked last year and 10 000 english ponds taken. She got it back but it took a while and there were charges.
Rae
6th Dec 2017
12:19pm
English pounds
Bill
6th Dec 2017
2:28pm
Bloody oath, "here we go again". There are a lot of $$$$$$s to be made out there and by George the consumer is going to be the one to pay for them. The paypals of the world do not care.
I had a TAFE teacher tell me last year that this digital world is really grand. Fantas-ma-gorical. Yet, nearly everyday there is another revelation that accounts have been "hacked" and all the consumers details leaked/stolen/sold etc.etc.
Computers might have been good for somethings but mass use is not one of them. Retrieving info. and business records is one thing. Companies can employ people to protect them. But it seems companies do not take security seriously when it isn't their money or information and then again paypal just had to get that little bit bigger by buying TIO.
I think the example of yahoo and it's debacle says it all ..... or nearly. When yahoo was sold to Verizon they found that the yahoo debacle was bigger than big. Again I say, unless it is worth a quid to the company they just do not care. Prove to me that they do.

Oh, the yahoo/Verizon mess. From our end of the computer it would seem that absolutely 0 is being done. My wife changed her password (as advised by Verizon) and no cannot access yahoo at all or Verizon and certainly no one will talk.
The only action is to take your business elsewhere and yes you can do it. But who do you trust???????????????????
Aussie
6th Dec 2017
4:40pm
FYI ...PayPal has only your details if you have Australian account any other country account they will not have access unless they break your id and password.
I had UK and Thailand accounts last year 2 countries 2 accounts maybe same Id but they do not talk to each other financially
Check your account to ensure you are in AU
Aussie
6th Dec 2017
4:42pm
Also do not hook your bank account get one of those pay as you go credit card and only transfer when you buy something I do that and I feel 100% safe .... My CC is from the Free account with a petrol station and I use it everywhere even overseas ..... no problems just transfer what you need ......
GrayComputing
6th Dec 2017
7:23pm
Read it carefully. PayPal itself was not hacked and I understand it never has been despite other comments.
But when the government of the world want all encryption and security watered down and not most of all allow a totally secure PC to be made we are doomed.
Instead every one of the worlds Intel CPU chips has a secret back door bypassing all your normal software. I know some of the technical details for the White Hat groups.
Intel's little spying silicon the 2nd little CPU is connected straight across your modem /internet line!
This secret Intel part of the 2nd CPU chip has a 1024 bit encryption key so that only the NSA/CIA was supposed to use it. But Intel idiots let loose major flaws in its secret OS code. Of course no one else was allowed to check this spy code that it was really secure. Do not know yet if any AMD CPU chips are safer or not.
All phones all phone OS and all brands are insecure almost as if by design. Never use them for banking.
Who watches the (our)supposed Guardians?
Aussie
6th Dec 2017
8:02pm
Yes mate ...... that is why i decide 2 years ago to change all my access and only use a prepaid Credit card for all my business I transfer or cash deposit on the card to do my on line business.

I am a retired Program manager and I have been following intel developments also following Microsoft using my own BIOS routine to escape from hackers .... so far so good no problems on my servers (2 HP)

I have no reports from PayPal about any hacks on my account .... anyway will do no harm to me because I do not have my account register with them he he ...


Tags: tech, security, privacy,

Join YOURLifeChoices, it’s free

  • Receive our daily enewsletter
  • Enter competitions
  • Comment on articles

you might also be interested in...

How to manage nuisance calls

Discover how to identify a caller and, if they’re a nuisance, prevent them from calling again.

Can you leave your computer on?

Do you have to switch off your computer at night?

How to clear your browser history

Problems browsing? Here’s how to clear your history and cache, and restart with a clean slate.

Do you still need a landline?

Do you really need to keep your landline?

How to spot a fake email

Drew explains how you can protect yourself from email scams.