35,000 Users Get Exposed in Recent PayPal Breach

PayPal is a leading payment transfer service in the United States and other parts of the world. The company got started as a peer-to-peer payment solution and has evolved into a robust payment transfer solution for business and personal use. Today PayPal has more than 435 million users, and tens of thousands of those users were recently compromised by a serious data breach that could lead to identity theft and fraud issues, leading to some of the victims filing a new class action lawsuit for negligence. 

How Did the Attack Occur?

PayPal claims that hackers were able to infiltrate its file servers using login credentials obtained outside of its standard network. The company doesn't specify how this is possible but only states that one or more individuals were able to get into PayPal's files and gain access to key user information on a large scale. The attack first occurred on December 6th, 2022, and continued until December 8th, 2022, when PayPal completely blocked the attacker and secured the network. This was enough time for the attacker to obtain a significant amount of information for users all over the country. 

What Information Was Viewed or Stolen?

In PayPal's notices it sent to customers, it states that victims may have had their full names, addresses, birth dates, bank account numbers, Social Security numbers, and PayPal account balances released in the attack. This information could easily be used for identity theft attacks and could cause the affected victims some serious trouble. 

How Did Business Admit to the Breach?

PayPal admitted to this data breach by sending personalized letters to each of the individuals that were identified in the investigation as being at risk of being exposed. The company sent out letters detailing what information could have been released in the attack and offering each victim access to credit monitoring services. These services help guard against identity theft and ensure that you know what's going on with your credit if any strange changes occur. 

What Will Become of the Stolen Information?

If your information was stolen during this attack, it's possible the attacker will use it to attempt to open new accounts in your name. The information may also be sold to other attackers online, and it may be used in phishing attacks and for other harmful purposes. You should be careful to verify any email you open and avoid clicking any links to sites you aren't familiar with. Be careful, and you can avoid most potential issues that occur from this attack on PayPal. 

Many impacted individuals are suing PayPal for negligence, stating the company did not meet the minimum requirements for security and protection. The company is being sued for an unspecified amount of money, and it could be possible for you to get involved in the lawsuit as well if you were one of the affected individuals whose information was released in the attack. 

What Should Affected Parties Do in the Aftermath of the Breach?

If you were one of the affected individuals in this PayPal attack, you should utilize the complimentary identity theft protection services immediately. You should also consider putting a freeze on your credit to prevent it from being used in a harmful way. Other than those simple steps, you can begin monitoring your financial accounts closely for suspicious activity. Taking these simple steps will help protect you from any harm caused by this attack.