PayPal Security Key

 Apparently I have been living under a rock for a few months and didn’t realize that PayPal (and eBay) is offering a security key to help protect your accounts.   These are being distributed as a result of eBay’s purchase of Verisign.   The concept behind the key fob is make the login a two factor authentication process instead of just a username and password.

This two factor process takes something you know (your password) and something you have (your PayPal key fob) to authenticate you to the system.   You use the key fob by entering the 6 digit number displayed on the screen.  This number changes every 30 seconds.  This way if you are foolish enough to fall for one of those PayPal phishing emails and give up your password.  The phisher will still have to have your PayPal key fob in order to access your account.   This same protection is available for your eBay account using the same key fob.

Right now it seems that these keys are free for businesses accounts and are $5 for individual users.    I believe it is a fair price to pay to secure access to my PayPal funds and ultimately my bank accounts.

Mine came in the mail today.  I followed the painless registration process and have tested it out for usability and so far I have to say I am pretty happy.  I wish the PayPal key fob was a little bit sturdier, at first glance it seems to be cheaply made.   I will just have to see how it survives on my key ring.

If you don’t have your PayPal key fob yet, get it here.