New Security Key for your PayPal Account

We have heard so much about how Internet banking is unsafe and what we should be doing about it. PayPal regarded as the largest online payment system has developed a product that is supposed to increase security and eliminate online banking fraud.

The key fob sized gadget generates a six-digit number every thirty seconds. This is the number that will be needed to gain access to the account. Operating the PayPal will be as normal; You will still need to enter your username, which as we all know is your nominated email address and your password. It is only after you have entered these details that you will be prompted to enter the six-digit number to gain access to the account.

This all sounds pretty secure, however there is still the problem of emails that lead to phising sites. Clearly there are people that respond to these email requests to enter account details onto sites that look like the real thing. In the case of this security key, you would have thought that this problem would not arise; Yet all the fraudsters have to do is enter the details onto the real PayPal site before the thirty seconds are up. Sounds like a tall order, which it is, but they only have to succeed once and they are in the account.

This is at least another hurdle that the fraudsters have to overcome in order to gain access to accounts, so it must be a step in the right direction and will prevent some cases of online banking fraud.

Product Page [PayPal]