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

From the Paypal site

What is it?

The PayPal Security Key creates random temporary security codes that help safeguard your PayPal account when you log in. It comes in 2 types, each with different advantages:

1. Security key token: This version is an electronic device – or “token” – designed to be carried on a key ring. It creates a security code for you every 30 seconds.
2. Mobile phone security key: You can get temporary security codes on your mobile phone by text messages (also called SMS).

How much does it cost?

Each security key token is $5, and there’s no monthly service fee or additional cost. Replacement tokens are the same price.

The mobile security key has no extra costs, except your mobile provider's standard text messaging charges. Check with your mobile provider for details.

How do I get started?

1. Choose the type of security key you want. If you want the token, we’ll ship it to you. For the mobile phone security key, all you need is your mobile phone.
2. Activate it from your PayPal or eBay account.

OK, I must be blind, but I just signed on to my Paypal account and can't find any info about requesting this token. Help please :)

It doesn't seem to be shown in the account pages but just login to your account and then type "security key" into a search box on the site.

That's how I found it.

Thanks vango44, I found it! When I search last time, I used the term "token" and it didn't return anything.

Ordered for $5 Cdn, quick and painless.