Bitly, a URL shortening service issued an urgent security update on Thursday that users accounts credentials had been compromised. Bitly is asking its users to take the following steps to secure their accounts, change your API key and OAuth token, reset your password, and reconnect your Facebook and Twitter accounts.

To protect the identity of the users, Facebook and Twitter accounts that were linked to bitly accounts have been disconnected.

Users will find the password reset option under “Profile” tab. They will also need to disconnect and reconnect all the applications that are being used by Bitly.

In an official blog post Mark Josephson, CEO, Bitly said, "We have reason to believe that Bitly account credentials have been compromised. We have no indication at this time that any accounts have been accessed without permission."

The following guidance has been issued by the Bitly detailed the step-by-step instructions to reset users' account API key and OAuth token: -

1) Log in to your account and click on 'Your Settings,' then the 'Advanced' tab.
2) At the bottom of the 'Advanced' tab, select 'Reset' next to 'Legacy API key.'
3) Copy down your new API key and change it in all applications. These can include social publishers, share buttons and mobile apps.
4) Go to the 'Profile' tab and reset your password.
5) Disconnect and reconnect any applications that use Bitly. You can check which accounts are connected under the 'Connected Accounts' tab in 'Your Settings.'

While the company does not have any clear evidence of unauthorised access to any account, it is still taking necessary measures to safeguard user accounts.