PayPal paid $238 million for the Canadian-based TIO Networks in July.
Today, the subsidiary admitted that hackers potentially stole personal information, and possibly financial data, for as many as 1.6 million of its customers.
Think of today's drop as a minor correction of its stock price. Nonetheless, PayPal's stock doubled just a week ago this year. Even after today's bad news, it's still up almost 80% year to date.
It seems these incidents of the security breach have become 'the norm' unfortunately. This is what we can do.
- Change your financial institutions' passwords frequently and make them harder to guess.
- Check your credit report frequently.
- Sign up a free service such as Credit Karma, which can alert you if someone opens an account in your name.
- Monitor your credit card and debit card activities closely. Criminals nowadays don't necessarily charge big ticket items on the credit cards. They will charge a few small amounts on your cards, which are very easy to go unnoticed.
- Do not click on the buttons or links in your emails. If it's from your bank and asks you to do something, open a browser and type in the web address manually. You would never know if that particular email is a phishing email or not. It's hard to detect.
- Do not call them back, for example, after they tell you the IRS is going after you and they can save you from hell. Normally, the IRS will send you a letter first.