PayPal keyring Security Device To Be Trialled Page: 1
News <script type="text/javascript" src=""></script> Posted 15/01/07
Author: PV5150
Source: iTWire

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An keychain electronic security device designed to combat phishing scams is to be trialled in the US, Germany and Australia by eBay's online payments subsidiary PayPal. The new security device will generate random six-digit password codes which change every 30 seconds for users who wish to access the PayPal system. At present, users access the PayPal system with a username and password and the site is a veritable magnet for fraudsters looking to steal identities.

The security device, developed by Verisign, is aimed at adding an extra layer of security in the event of identity theft, preventing thieves stealing user passwords from logging in. Likewise, if the security device falls into the wrong hands, the user will still have password protection.The optional PayPal device will cost US$5 for personal users and be free for business users.

While scammers will still be able to catch out users who are tricked into providing the device code as well as their other login details, the new random code device may well be effective is cutting down the damage from password theft through methods such as keystroke logging.

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