The New York State Department of Financial Services recently announced that it has entered into a consent order with PayPal, Inc. for violations of the NYDFS Cybersecurity Regulation. The consent order, under which PayPal has...more
On January 23, 2025, PayPal settled an enforcement action brought by the New York State Department of Financial Services (NY DFS) for failing to comply with cybersecurity regulations required for financial services businesses...more
PayPal Discloses December 2022 Security Incident Involving Credential Stuffing Attacks - PayPal has begun sending out notification letters to individuals impacted by a security incident that occurred in early December...more
Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more
A class action lawsuit filed against PayPal in connection with a breach it suffered in 2017 was dismissed recently because the plaintiffs did not adequately allege PayPal’s intent to deceive investors. The litigation began...more
We often think of phony financial institution emails as a bad actor’s phishing scheme of choice to capture confidential bank account numbers or other private financial information. While those phishing emails certainly do...more
A new study by Check Point Research shows that cyber criminals are using well-known brands to lure victims into clicking on nefarious links, providing personal information or credentials, or getting users to transfer money....more
Cybercriminals have launched a new campaign that not only requires the victim to pay a ransom to have their data decrypted, but when the victim is directed to a PayPal account to pay the ransom to get the decryption key to...more
Among other things, 2018 was the year of the shareholder data breach stock-drop lawsuit. As we’ve previously reported, it was the year that shareholders began routinely suing companies after an announcement of a data breach,...more
For many years, the plaintiffs’ bar has been very active in bringing class action litigation against public companies immediately after the announcement of adverse news concerning a company, which many times triggers a...more
The Dow’s serious dive on Friday helped put all three major indices into correction territory (aka, all are now at least 10% below their peak from earlier this year....more
More on the rather shocking departure of John Flannery from GE, the Board that didn’t want to give him any more leash for his turnaround plans, and the future of the embattled corporate giant under Larry Culp....more
PayPal has acknowledged that TIO, the Canadian payments processing company that it acquired in July 2017 has suffered a data breach that compromised the information of up to 1.6 million users. TIO processes utility and other...more
$64 Million in Bitcoin Stolen from NiceHash - Many are lamenting not purchasing bitcoin now that its value has skyrocketed. Recently, Massachusetts Secretary of State William Galvin warned investors to stay away from...more
On December 1, PayPal disclosed that an ongoing investigation into identify security vulnerabilities identified a data breach that may have compromised personally identifiable information for roughly 1.6 million customers at...more
The news is full these days of hackers stealing credit card and other customer information from United States retailers such as Home Depot, Target, and Neiman Marcus (and the federal government) among others. These...more