Like the idea of the Paypal security key fob, which auto-generates a 6-digit code that must be entered every time you use your Paypal account, but not so hot on its bulky shape? This year Paypal introduced a credit-card sized design that fits inside your wallet.
We’ve posted before about security keys—those little digital keyfobs that generate expiring security codes over and over and make it incredibly hard for someone to gain unauthorized access to your account. They’re a great idea, and now if you own an iPhone you can install a Verisign app that will work with Paypal and eBay, as well as about two dozen lesser known sites. It’s probably the easiest step you can take to vastly improve security on those accounts.
If you have a PayPal or eBay account, or use OpenID to login to participating sites, then for $5 you can add a second layer of security that is virtually impossible to break unless the thief physically locates you and steals a little plastic device. The PayPal Security Key is a small, keychain-ready fob with a unique ID that’s tied to your account. It generates a new six-digit code very 30 seconds, which you have to enter whenever you log in. The down side is you have to have your security key with you in order to read the code. But the benefits are huge: you basically have a 2nd password that changes 2,880 times every day—and that isn’t available anywhere online.
PayPal security keys are now available for purchase, offering consumers the option vastly enhanced protection against account breaches.