TIO Networks Suspends Operations to Protect Customers
November 10 2017 - 5:23PM
Business Wire
Security Vulnerabilities Detected on TIO
Networks
PayPal Holdings, Inc. (Nasdaq: PYPL) announced that TIO Networks
(TIO), a publicly traded company PayPal acquired in July 2017, has
suspended operations to protect TIO’s customers. This suspension of
services is a result of PayPal’s discovery of security
vulnerabilities on the TIO platform and issues with TIO's data
security program that do not adhere to PayPal's information
security standards. TIO is not integrated into PayPal’s platform.
The PayPal platform is not impacted by this situation in any way
and PayPal’s customers’ data remains secure.
Upon the recent discovery of this vulnerability on the TIO
platform, PayPal took action by initiating an internal
investigation of TIO and bringing in additional third-party
cybersecurity expertise to review TIO’s bill payment platform. A
focus of the investigation will also include TIO’s practices and
representations prior to the acquisition.
While we apologize for any inconvenience this suspension of
services may cause, the security of TIO’s systems and the
protection of TIO’s customers are our highest priorities. We are
working with the appropriate authorities to safeguard TIO
customers.
Our investigation is ongoing. We will communicate with TIO
customers and merchant partners directly as soon as we have more
details. Customer updates will also be posted at www.tio.com.
About PayPal
Fueled by a fundamental belief that having access to financial
services creates opportunity, PayPal (Nasdaq: PYPL) is committed to
democratizing financial services and empowering people and
businesses to join and thrive in the global economy. Our open
digital payments platform gives PayPal’s 218 million active account
holders the confidence to connect and transact in new and powerful
ways, whether they are online, on a mobile device, in an app, or in
person. Through a combination of technological innovation and
strategic partnerships, PayPal creates better ways to manage and
move money, and offers choice and flexibility when sending
payments, paying or getting paid. 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, withdraw funds in 56 currencies and hold
balances in their PayPal accounts in 25 currencies. For more
information on PayPal, visit https://www.paypal.com/about. For
PayPal financial information,
visit https://investor.paypal-corp.com.
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PayPal Holdings, Inc.Justin Higgsmediarelations@paypal.com
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