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PayPal (an ebay company) is set to tighten security for its users

January 20, 2007

Online fraud, especially through bogus emails by devious scammers is rampant. These scammers otherwise known as “Phishers,” attempt to fraudulently acquire your passwords and credit card details, by masquerading as trustworthy persons or businesses in electronic communications — notably email and instant messages.

Of late, Phishers have intensified their campaign, especially via email, thus eroding online consumer confidence.

PayPal users will now be offered a password generating “key fob” that changes its password every thirty seconds — a new onetime password in the form of a six-digit code will be generated per every thirty second cycle by the “key fob.”

According to Sara Bettencourt of PayPal: “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.” Users will therefore be accorded an extra layer of protection — The whole idea is to make it much harder for online thieves to rip you off.

PayPal users who opt to use this tool will enter this “extra” password along with their regular one, when signing into their accounts online.

This security key will be available for $5 for personal PayPal accounts but will be free for Business Accounts.

Since you will need to use your Security Key every time you log in to your PayPal and eBay account, the “key fob” has been made small and portable – deliberately. In fact, it fits right on your key chain so you can take it with you and access your account from just about anywhere.

This Security Key is still in testing and is scheduled to be offered on a trial basis beginning some time next month.

1. For further details click here: The PayPal Security Key
2. Need a FREE PayPal Account — Click Here — With more than 100 million accounts in 103 countries and regions, PayPal offers a fast, affordable and convenient online payment service for businesses of all sizes, and for personal online financial transactions.

Written by James Opiko · Filed Under E-Biz 

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