PayPal Subsidiary Hacked: Things To Know

PayPal is reporting that a company they purchased this year, TIO, was compromised. It looks like about 1.6 million of TIO’s 14 million active users.

Anytime a financial company is hacked, it’s scary. And in this case, hackers potentially made off with information including names, addresses, bank-account details, SSN, and login details.

Important note: PayPal didn’t get hacked. The company that they purchased got hacked. The good news for all PayPal users – the TIO systems and PayPal systems are still separate, according to the company. So, please don’t panic if you’ve never heard of TIO but have been using PayPal.

Things to keep in mind with these sorts of hacks:

  1. News media tends to over-report on these stories, and companies tend to under-report. Please keep this in mind and be a smart news consumer.
  2. Not every hack is the same. Bad guys have different tools, motivations, and tech savvy. So while news outlets usually report the worst case scenario, the truth is that many times victims don’t know what information has been taken or why, at least until the hackers use the data.
  3. This isn’t the first hack, and it certainly won’t be the last. Have you protected your information to the best of your ability? Are you using a password manager with random passwords per site? Are you using two-factor authentication? If not, you should consider it.

On point #3: If you need help with a personal / family / small business action plan, contact me. I can help, and it will cost you much less than recovering from a hack.

Last thing: The Equifax hack was brutal. And mishandled. And shameful. This TIO / PayPal hack is also bad, but it’s not in the same league. Don’t let any news try to convince you that this is the same sort of hack as Equifax.

Stay safe out there.

 

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