• Home
  • About John P.
  • Contact
  • Terms
  • Facebook
  • Google+
  • Instagram
  • LinkedIn
  • Pinterest
  • StumbleUpon
  • Twitter
  • YouTube

One Man's Blog

Specialization is for Insects.

  • 10 Best
  • Art
  • Computing
  • Fun Stuff
  • Gadgets
  • Videos
  • Photography
  • Travel
  • Tutorials
  • Health & Fitness
  • Politics
  • Thoughts
  • Food
  • Reviews
  • 10 Best
  • Art
  • Computing
  • Fun Stuff
  • Gadgets
  • Videos
  • Photography
  • Travel
  • Tutorials
  • Health & Fitness
  • Politics
  • Thoughts
  • Food
  • Reviews
Home / Finance / PayPal to Offer Password Key Fobs to Users

PayPal to Offer Password Key Fobs to Users

John P.

March 14, 2007 By John P.

SecureIDIn the recent past I’ve done a lot of harping on the security woes of financial institutions (see here, here, and here) so when I saw this announcement I was both extremely happy and a little disappointed at the same time.

PayPal is about to issue SecureID cards to all business clients in order to provide further account security. Now this is what I’m always talking about when I speak of defense in depth! PayPal will combine layers of security, in this case something I have (SecureID password generator), with something I know (my username/password combo) to ensure it’s actually me accessing the site.

In fact RSA, the company that makes the SecureID platform, has has no reported case of a security breach in 15 years! So, I’m very happy to see PayPal leading the field in implementing this security mechanism. Now I just hope that the real financial institutions like Smith Barney, Bank of America and others will follow suit.

By Joris Evers, Staff Writer, via CNET News.com:

eBay is getting ready to offer its PayPal users a password-generating key fob that promises to increase the security of the online payment service.

The device displays a new one-time password in the form of a six-digit code about every 30 seconds. PayPal clients who opt to use the device will enter this password along with their regular credentials when signing into the service. The key fob is meant as another weapon in the battle on data-thieving phishing scams.

“If a fraudulent party somehow got hold of a person’s username and password, they still wouldn’t be able to get into the account because they don’t have the six-digit code,” Sara Bettencourt, a PayPal spokeswoman, said by phone Thursday. “This by no means is a silver bullet that is going to stop fraud. This is just another layer of protection.”

PayPal Security Key The “PayPal Security Key” will cost $5 for personal PayPal accounts, but will be free for business accounts, Bettencourt said. PayPal has been testing the device with employees for a couple of months and plans to start trials with customers in the next month or so, she said. As of September 30, there were nearly 123 million PayPal accounts, eBay has said.

PayPal users in the U.S., Germany and Australia will be able to sign up for the trial through a special Web site, Bettencourt said. “Based on the response, we look forward to eventually rolling it out in other countries,” she said.

The password-generating device is based on technology from VeriSign, with which eBay entered into a security partnership in 2005. Such key fobs are also used for added security by large corporations for access to corporate resources, and some banks and brokerage firms offer them to clients with a high net worth. Other companies that supply the password gadgets include RSA and Vasco.

eBay and PayPal are common phishing targets. These prevalent scams typically use fraudulent Web sites made to look like legitimate sites and spam e-mail to trick people into giving up their personal information such as login names and passwords.

In a recent survey of Google’s public blacklist of phishing sites, security researcher Michael Sutton found that nearly half of all the active phishing sites targeted either eBay or PayPal. The Google blacklist is used in Google’s Toolbar for Firefox and the Firefox 2.0 browser.

Related

Filed Under: Finance, Security Tagged With: Bank-of-America, eBay, Finance, Google, PayPal, Phishing, Security, Smith-Barney

About John P.

John P. is a former CEO, former TV Show Host, and the Founder and Wizard behind Texas Metal Works. You can find him on Twitter, Facebook and LinkedIn. Feel free to send shoutouts, insults, and praise. Or Money. Money is good.

Comments

  1. Dave says

    October 10, 2010 at 7:02 pm

    That is good to hear.

John P’s Tweets

Tweets by johnpoz

John P. on Instagram

johnpoz

Ok, what we're gonna do, see, is jack this bitch u Ok, what we're gonna do, see, is jack this bitch up so high you need a ladder to get in it. Then put low profile tires on it.

Makes sense.
Let them eat turkey... I mean cake. Let them eat turkey... I mean cake.
Need I say more? Need I say more?
Cleaned my vehicles with @ArmorAllUSA Ultra Shine Cleaned my vehicles with @ArmorAllUSA Ultra Shine Wash Wipes. Here's the story! http://onemansblog.com/ultrawipes

#ArmorAll - #Ad - #YeeHaw
Tomorrow I'm getting my new forklift from @quality Tomorrow I'm getting my new forklift from @quality_equipment! Can't wait to start forking stuff. ;-)
Aaarrgh! What should I choose? Aaarrgh! What should I choose?
Have I died and gone to heaven? Have I died and gone to heaven?
Hard boiled chili quail eggs anyone? Hard boiled chili quail eggs anyone?
I'll take two! I'll take two!
This exists. This exists.
Over two pounds of pizza! Over two pounds of pizza!
Where should I start? Where should I start?
Give it a minute. You'll get it... Give it a minute. You'll get it...
Instagram post 17855855425047701 Instagram post 17855855425047701
Instagram post 17849137462070109 Instagram post 17849137462070109
It'll tickle yore innards! It'll tickle yore innards!
Instagram post 17855388973056226 Instagram post 17855388973056226
The @genyhitch is a massive 80 pound drop hitch wi The @genyhitch is a massive 80 pound drop hitch with a bonus - it can absorb the shock from twists, turns and bumps in the road, providing cushioning for both the tow vehicle and whatever it's pulling.
Who's up for some ghost pepper powder in their sal Who's up for some ghost pepper powder in their salt?
Downloading at around 140 MB/S. That's a full Gig Downloading at around 140 MB/S.  That's a full Gigabit download speed from the World of Warcraft servers to the new @Acer Predator desktop machine.
Follow on Instagram
This error message is only visible to WordPress admins

Copyright © 2021 · Local Media on Genesis Framework · WordPress · Log in

Follow Along for E-Mail Updates
Don't miss any of John P's craziness! Just shove your email address in the slot below and we'll take care of the rest! :-)
Arrow

Email: