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Hacked: Paysafe Confirms Breach of 7.8 Million Customer Accounts

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Hacked: Paysafe Confirms Breach of 7.8 Million Customer Accounts

Introduction

This article was posted on Monday, 16:09, UTC.

Paysafe Group plc, a Vienna, Austria-based, global provider of online payment solutions formerly known as Optional Payments, acknowledged that 7.8 million customer accounts were hacked from 2009 to 2010, according to according to Business Insider. This includes 3.6 million NETELLER and 4.2 million Skrill accounts, both of which are Paysafe subsidiaries. The Skrill accounts were hacked before Paysafe acquired the firm.

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Less than 2% of the hacked accounts were active for six months up to Nov. 1, 2015, the company said. In addition, only limited information was compromised that did not include card data, passwords or bank account information.

2010: 1,500 Customers Suffer Lossespaysafecard-voucher- image

A total of 1,500 customers suffered monetary loss due to account hacks in 2010. Paysafe said it reimbursed affected customers and there were no other reports of funds being stolen in a similar manner.

Paysafe has enhanced its security and is confident the data will not enable any existing Skrill or NETELLER customer accounts to be compromised.

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The company said its IT leadership, executive management team, security protocols and standards have changed “considerably” since the breaches occurred more than five years back. It said the investment in cybersecurity will continue into the future as the company works to make sure it has the right systems in place to prevent cybersecurity attacks.

Also read: Quantum physicists are working on ‘unbreakable’ cybersecurity systems

Company  Shares Suffer Over Hack

Company shares fell 18% when the hack was revealed in October.

The company said today (Nov. 30, 2015) is the first it has known how many accounts were hacked and noted that shares were only down 0.62% this morning, which likely reflects the limited damage.

Image from Shutterstock and Paysafe.

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Lester Coleman

Lester Coleman

Lester Coleman is a veteran business journalist based in the United States. He has covered the payments industry for several years and is available for writing assignments.

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