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Paysign Data Breach Exposes Customer Information: Company Investigates

Updated: Mar 13

Paysign, a leading provider of prepaid card programs, payment processing systems, and digital banking services, is currently investigating reports of a significant data breach that may have exposed sensitive customer information to cybercriminals.

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According to reports, a hacker on a cybercriminal forum claimed to have stolen a database allegedly belonging to Paysign, containing 1,242,575 records with customers' full names, addresses, dates of birth, phone numbers, and account balances. The hacker alleged that the breach occurred on Wednesday, although Paysign has not confirmed the exact timeline or the extent of the potential breach.

In a statement to Recorded Future News, Paysign acknowledged the reports of an alleged data breach involving consumer information, stating, "We are aware of the recent reports of an alleged data breach of Paysign consumer information. We are investigating the claim."

The company emphasized its commitment to data security, saying, "We take the security of our customers' information very seriously. There has been no disruption to our services, and Paysign cardholders may continue to use their accounts."

However, Paysign declined to provide further details about whether they have suffered from a security incident or when it may have occurred.

Paysign, a Nasdaq-listed company, reported revenue of approximately $12 million in the last quarter, driven by its prepaid card programs, payment processing systems, and digital banking services. Last June, the company announced a strategic partnership with Mastercard to collaborate on product development and other initiatives.

As the investigation into the alleged data breach continues, customers and industry experts are closely monitoring the situation. Data breaches can have severe consequences, including financial losses, identity theft, and reputational damage for companies involved.

Paysign's response and the outcome of the investigation will be crucial in determining the extent of the breach and the measures needed to protect affected customers and restore confidence in the company's data security practices.


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