If you search through this blog you will discover that Paypal figures quite heavily.
The main reason for that would be their immense popularity – they give scammers a huge worldwide audience to target with their frauds and phishing trips.
In a move designed to reduce the opportunities for their customers to be scammed, Paypal will soon be releasing a new security device.
The electronic key ring sized electronic gadget is designed to generate a new 6 digit security number every 30 seconds.
Synchronised with Paypal’s server, the payment processor will be able to verify that the code entered at the time of logging in matches the code currently known to be on the gadget’s display.
Whilst not totally infallible, this system offers a second layer of protection to the millions of businesses and individuals who use paypal.
If someone was unfortunate enough to be duped by a phishing email or pharming site posing as paypal then the scammer would only be able to verify their 6 digit code at that precise moment in time.
Thirty seconds later and that data would be useless to them.
If you visit the “security” section on Paypal’s website then you will see that this device is already mentioned, however, the link takes you to a page saying that it is not currently available.
The gadget is expected to be made ready early this year and Paypal are offering it for a one time fee of $5.