VeriSign send me a free PayPal Security Key after I mentioned that an unauthorized payment was done from my PayPal account. The security key acts as a new layer of defense. It has to be entered during login to complete the login.
The key is an electronic device that generates a six digit key every 30 seconds. That key is needed to login into PayPal. The device can be ordered from within the PayPal interface or from VeriSign directly. It works at all websites that make use of the key including eBay and PayPal.
PayPal has introduced the mobile security key recently. It makes use of the same principle with the difference that the security key is generated by an official server and send to the user’s cell phone instead.
This offers a few advantages like increased mobility and no waiting time till the device arrives. It does however mean that the user is charged for every SMS send by his cell phone provider. Merchants who log into PayPal several times a day might want to use the hardware solution primarily to save costs.
Users who want to order a mobile security key can do that once they are logged into PayPal. The option becomes available after the PayPal login. A click on the Security link in the top right corner of the website will load a new page with a link named Security Key.
A click on that link will display two options: To order a security key device or a SMS security key.
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The device is called a ‘token’, just in case someone wants to learn more, google that.