PayPal Security Key Now Generally Available
PayPal has announced the general availability of the PayPal Security Key for PayPal's customers. The PayPal Security Key is a small electronic token that generates a unique security code approximately every 30 seconds. Members can use this code, along with their user name and password, to sign into both their eBay and PayPal accounts, helping to prevent unauthorized users from accessing them.
This type of additional security, known as two-factor authentication, is used by leading financial institutions as additional means to protect consumers and reduce losses from online fraud such as phishing attacks.
“We’ve had a tremendously positive response to the PayPal Security Key beta program and are excited to make the device generally available,” said Michael Barrett, chief information security officer at PayPal. “While PayPal.com remains a trusted and secure environment, the PayPal Security Key allows customers to take their privacy and security into their own hands to help protect their eBay and PayPal accounts against unauthorized access.”
The PayPal Security Key is part of the VeriSign Identity Protection (VIP) Network. As part of this network, consumers use the PayPal Security Key to protect themselves on a variety of financial services and e-commerce websites.
“As founding members of the VIP network, eBay and PayPal are leading the way in giving millions of consumers the tools they need to add an extra layer of protection when online,” said Fran Rosch, vice president, Authentication Services, VeriSign. “Through the VIP Network, eBay and PayPal members will be able to use their PayPal Security Key to protect their account data at other participating sites and thereby reduce online fraud and cyber crime.”
The PayPal Security Key has a promotional one-time fee of $5.00 for PayPal and eBay account holders in the U.S. The PayPal Security Key will also become generally available in Germany and Australia with more countries to follow. More information can be found online at: https://www.paypal.com/securitykey.
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