PayPal fight phishing with key fob

January 15, 2007 by poeloq | Leave a Comment
Filed Under Announcements

PayPal today announced a new optional security measure for their customers: a key fobpaypal_keyfob that generates a new password every second seconds that is entered along with the traditional username and password by users. According to a c|net article, Paypal is going to introduce a trial period with customers in the US, Germany and Australia in “the next month or so”. For personal users the key fob will cost 5$ and it will be free for business account users.

The purpose behind this key fob is clearly to fight phishing attempts, which PayPal and its mother company eBay have been a large target for. Therefor this key fob should not be to interesting for people who are just slightly tech savvy and possibly slightly security aware, unless you own a business account anyway and get one for free. But it is good to see that companies which have been under attack by malicious phishers are now developing methods to fight back.

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