New York– Global digital payments platform Paypal has identified a potential compromise of personally identifiable information for approximately 1.6 million customers on TIO Networks — a Canadian payments platform owned by Paypal.

“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,” TIO Networks said in a statement.

PayPal paid $233 million in cash to acquire TIO Networks in July this year.

On November 10, PayPal suspended TIO’s operations after it discovered security vulnerabilities in the firm’s platform.

“The operations of TIO Networks were suspended to protect customer data as part of an ongoing investigation of security vulnerabilities of the TIO platform,” the company said on Monday.

The ongoing investigation 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.

The company was yet to contact all customers, billers and retailers affected by the leak.

“Individuals who are affected will be contacted directly and receive instructions to sign up for monitoring,” the company added.

“We will continue to communicate important updates to customers,” TIO added.

Paypal has 218 million active account holders,

Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies. (IANS)

IndUS Business Journal

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