PayPal Canada introduces Security Key to boost protection for online transactions
PayPal Canada today announced a new security measure for Canadian e-commerce enthusiasts. The PayPal Security Key offers members an extra level of protection in two formats: token and mobile.
The PayPal Security Key token is a portable device that generates a one-time six-digit security code every 30 seconds, providing PayPal users with an extra layer of security. Members use the temporary code along with their standard username and password to sign in to their accounts from anywhere in the world.
The mobile version uses the same infrastructure as the token format, but delivers the unique six-digit security code via text message to the member's mobile device.
This type of additional security, known as two-factor authentication, is used by leading financial institutions as an additional means to protect consumers and reduce losses from online fraud such as phishing attacks.
Both the PayPal Security Key token and the SMS security codes are now available to customers in the U.S., Australia, Austria, Canada and Germany.
PayPal does not charge for delivery of security codes to a mobile device; however, the mobile provider's standard text messaging charges will apply. To use the service, customers need a mobile device and wireless service set up to receive SMS text messages.
More information about the PayPal Security Key is available at the company's website