The security of the online payment services has always remained a thoughtful issue for the concerned parties. Now, eBay has thought of providing its PayPal users with a password-generating key fob that guarantees to enhance the security of the online payment service. The new product displays a new one-time password in the form of a six-digit code after every 30 seconds. PayPal clients who wish to enjoy this device need to enter this six-digit code along with their usual credentials while signing for the service.
eBay think of the new device as another weapon to fight data-thieving phishing scams. Sara Bettencourt, a PayPal spokeswoman said:
If a fraudulent party somehow got hold of a person’s username and password, they still wouldn’t be able to get into the account because they don’t have the six-digit code.
Though the device doesn’t guarantee that it will act as a silver bullet against fraud, it will certainly help reduce them by increasing protection level. Based on technology from VeriSign, the password-generating device is being used by large companies, banks and brokerage firms to add to the security. Other firms that offer the password gadgets are RSA and Vasco.
The PayPal Security Key will set the users back US $5 for personal PayPal accounts but for business accounts, it will be free of cost.
Via: Cnet-news
