10 December 2016
Visit aciworldwide.com

PayPal to issue Verisign authentication devices to account holders

15 January 2007  |  8747 views  |  0 PayPal logo

Person-to-person payments outfit PayPal is to begin distributing keyring-sized authentication devices for customer use alongside regular user IDs and passwords.

The device, which has been been developed by digital security firm Verisign, displays a new one-time password in the form of a six-digit code every 30 seconds.

PayPal has been piloting the authentication device with employees and expects to start trials with customers in the next month. According to press reports the key ring will cost US$5 for personal PayPal accounts, but will be free for business customers.

The device is designed to protect customers against fraudulent phishing scams. Research released by IT security firm Sophos in August last year found that over 75% of all phishing e-mails target users of PayPal or its parent company eBay. A separate study conducted by Gartner also found that cyber criminals are shifting away from attacking online banks directly and are targeting brands such as PayPal and eBay more often.

PayPal spokeswoman Sara Bettencourt told reporters the new device will provide customers with "another layer of protection" so if a fraudulent party got hold of a person's username and password, they still wouldn't be able to get into the PayPal account.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

PayPal to establish tech development facility in India

PayPal to establish tech development facility in India

11 January 2007  |  8773 views  |  0 comments
PayPal to trial virtual debit card system

PayPal to trial virtual debit card system

02 January 2007  |  11804 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit capgemini.comhttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Top topics

Most viewed Most shared
China tops world fintech rankingsChina tops world fintech rankings
8689 views comments | 39 tweets | 32 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
8300 views comments | 37 tweets | 48 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
8072 views 12 comments | 15 tweets | 27 linkedin
PSD2 will transform the payments landscapePSD2 will transform the payments landscape
7262 views comments | 24 tweets | 13 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6913 views comments | 20 tweets | 24 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job