PayPal Security Key
September 24, 2007 | By Kevin Zolkiewicz
“May I see your ID, please?”
Odds are you’ve been asked this question before. If you’re buying something at a store with a credit card, picking up a medical prescription, or entering a high-security building, you may be asked to present ID. Doing so is a way to authenticate yourself and prove that you are who you say you are.
In the digital world, authentication is typically performed by entering a password. When you enter your password, you prove your identity to the computer program or Web site you’re attempting to access.
Unfortunately, using just a password to identify yourself is not a foolproof authentication system. The secrecy of a password can be compromised through phishing schemes or simply by writing a program to guess simple passwords.
Two heavily targeted services in phishing schemes are PayPal and eBay. Scammers will use compromised accounts on these services to perform various levels of fraudulent activity. If your PayPal account is linked to your bank account, someone who knows your password can easily wipe out your funds.
To help protect users, PayPal has begun offering a device known as the PayPal Security Key. For $5, PayPal will send you a Security Key that you can use with both your PayPal and eBay account.
At the push of a button, the PayPal Security Key will generate a unique six-digit code that you’ll be prompted for each time you login to your PayPal or eBay account. This code, which changes every 30 seconds, proves to PayPal that it is actually you attempting to access your account. No one will be able to login to your account without knowing the unique six-digit code being displayed on your Security Key at any given moment. Therefore, even if your password were to be compromised, your account would remain inaccessible to malicious users.
The PayPal Security Key is a form of two-factor authentication. In other words, it requires more than just one piece of information to prove your identity. Two-factor authentication is a great way to protect your online accounts. Hopefully this technology will see greater implementation on more Web sites in the near future.
The PayPal Security Key is a highly recommended tool. You can order one from PayPal’s web site.