PayPal
PayPal Security Key generates a unique six-digit code every 30 minutes

PayPal claims key victory against fraud

Key fob device provides new security code every 30 seconds

Shaun Nichols in California

PayPal has introduced a keychain device designed to protect customers from account theft. 

The PayPal Security Key is a small key fob which automatically generates a new six-digit code approximately every 30 seconds.

Advertisement

When users log in to their PayPal accounts, they are asked to enter the code from the key fob.

The initiative is part of an effort by PayPal to thwart spyware and phishing attacks that attempt to use a stolen password to access a user's account.

When the Security Key technology is in place, an attacker can not access an account without knowing the current combination on the keychain. The device costs $5 and the service is free.

"We think this key fob is a good idea, especially considering that PayPal is such a prime target for phishers," said security firm F-Secure

PayPal and its parent company eBay are two of the most popular targets for phishing attacks. 

PhishTank, an organisation dedicated to monitoring and tracking phishing operations around the world, has listed the two sites among its top three most popular targets for the past three months. 

PhishTank logged 2,223 valid phishing operations in December 2006 that targeted PayPal and 1,020 that targeted eBay. Attacks on the two sites comprised roughly 29 per cent of all phishing operations recorded by PhishTank for December.

  • Have your say
  • Send to a friend
  • Print
  • Digg
  • Reddit
  • Share

Tags:

Do you agree?

Related whitepapers

Related jobs

Most watched

Social networking

Summit: How businesses should manage their brands online

In part one of V3.co.uk's interview with Dirk Singer, he dicusses social media monitoring strategies

RIM discusses new developer tools

Blackberry exec on the latest offerings for programmers

Analysis and Reports

Remote access - Three steps to getting connected

3.4 million UK professionals now work from home – is your company equipped?

Cost benefits of a global collaboration network

This white paper is a must read for organisations looking for evidence of the bottom-line benefits of high-definition video and voice communications

Poll

Impact of Information Overload poll

Impact of Information Overload poll

What is the biggest problem your firm faces as a result of the data explosion?

View poll results

Advertisement

White paper library

Keep up to date with the latest products, services and technologies from the world's leading IT companies; IThound.com brings you over 6,000 white papers, case studies and analyst reports.

Advertisement

Newsletter signup

Sign up for our range of FREE newsletters:

Existing User

Newsletter user login:

Enter email address to edit your newsletter preferences

Job of the week

Search thousands of IT jobs :

Search thousands of IT jobs:

Advanced search

Hiring now on ComputingCareers:

Related IT jobs

Search thousands of IT jobs :

Search thousands of IT jobs:

Advanced search

Advertisement

Spotlight

simon perry

Comment: Information overload is a price worth paying if it helps the planet

Analyst Simon Perry argues that the data deluge doesn't have...

Summit: Views From the Valley

V3.co.uk's US office weighs in on the information overload crisis

money

Summit: Managing information overload in a recession

Balancing exploding data with shrinking budgets

Chambers outlines Cisco's corporate plans

CEO describes broader company focus

Primary Navigation