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Tuesday, January 16, 2007
PayPal testing RSA Security’s SecurID token for extra security
Online payment transactions provider Paypal, is logging on to a ougher security mode. The company is reportedly testing a variant of RSA Security’s SecurID token.

With this, the PayPal Security Key would be free for business accounts but a $5 service fee will be issued to personal accounts, said reports. The new secured token would require users to key in a randomized six-digit code in correspondence with their username and password.

The initiative is aimed at protecting consumers and members from fraud, said reports quoting the PayPal brass. The new security key is currently in beta testing by PayPal employees. It will go into public testing in the next few months, reports added.

Explaining the mode of use, Pay Pal has said that the key by itself calculates a numeric password every 30 seconds, making the feature useful as the keys are designed for one use only. Users can activate the feature under the profile section of their personal PayPal account, and from there, sign up to get the key. PayPal added that even if users lose their keys they could still login to their accounts after a verification process.

PayPal hs come up with this new level of security due t the fact that it is often the target of phishing scams and many victims of online fraud stem from having their PayPal, and subsequently their bank accounts drained, because of it.

Industry watchers opine that the service is expected to be of great value to anyone who is persistent user of EBay or other online merchants with their PayPal account.


posted by a correspondent @ 10:46 AM    
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