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PayPal Offering SecureID Keys
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PayPal is offering (it’s supposed to start in 2007 but you can’t get one yet) these slick new SecureID tags that will definitely help improve security in PayPal accounts. The idea behind SecureID is that it will display a six digit number that changes every thirty seconds and that number will be required every single time you log into your account. Why is this more secure? Well security comes down to three things – what you know, what you have, and who you are. Your user name and password satisfy the ‘what you know’ part and the key will satisfy the ‘what you have’ part.
This will protect you against phishing because even if thieves find out your user name and password, without the SecureID code they cannot access your account.
The key is only $5.00 but it’s absolutely free for Business accounts!
PayPal Security Key Site (thanks Consumerist!)
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I’d like to see online banks offering these instead of those silly useless security measures they do now. (I’m content with a username and password, actually, since I know how to pick secure passwords and I’m not vulnerable to spyware…but PayPal is the only finanical site left, it seems, that’s willing to trust me on that.) At least with the SecurID keyfob, I wouldn’t have to worry about remembering a unique security procedure for each site.
I paid my $5 bucks for the Secure ID when I had a ton of money in PayPal. It wasnt too long ago when they paid over %5 on money in their account. It was nice to have that extra layer of security, but for the times I didnt have it with me you can just bypass it by giving them any one of 3 numbers. One is your primary checking account number. So pointless….maybe, but it made me feel better I guess.