ibusinesslines.com March 24, 2018

TIO Networks Provides Update on Suspension of Operations

05 December 2017, 10:53 | Justin Tyler

Source PayPal

Source PayPal

TIO Networks suspended operations in November after PayPay discovered the data breach.

During the course of the investigation, PayPal also uncovered a major data breach of TIO Networks which compromised personal information of as many as 1.6 million customers.

PayPal launched an internal investigation into the newly-acquired firm's business and hired a third-party cyberforensics company to review the TIO bill payment platform after suspending operations, revealing the data breach.

Mosier said personal information that may have been compromised includes, name, address, Duke Energy account number, account balance and banking information, if the customer paid by check.

TIO has notified customers, and is working with Experian to offer them a free 12-month Experian credit monitoring membership.

PayPal acquired TIO Networks in July for $238 million in its efforts to expand services to financially underserved consumers.

"At this point, TIO can not provide a timeline for restoring bill payment services, and continues to recommend that you contact your biller to identify alternative ways to pay your bills", TIO Networks says.

"While we apologise for any inconvenience this suspension may cause, the security of TIO's systems and the protection of TIO's customers are our highest priorities", PayPal had said at the time. 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.

"TIO systems are completely separate from the PayPal network and PayPal's customers' data remains secure", the company said.

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