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Information, Internet & Technology: PayPal’s Security Key Protects You From Phishers!

Thursday, January 18, 2007

PayPal’s Security Key Protects You From Phishers!

PayPal is one of the most widely accepted payment methods by online stores, eBay and for individuals to transfer cash. Due it to its popularity, it’s also one of those getting most phishing troubles! If you do not know what phishing means, here is a little explanation.

Phishing is by far the most common method used for online fraud. Phishing involves sending out legitimate-looking emails that seem to come from a trustworthy website or institution. Phishers normally would create a fake website, which looks like the homepage of a reputable company, e.g PayPal. Then they send out tons of emails to consumers to lure them to login to thier (PayPal) account, in order to capture thier login information for financial again. Phishing not only causes a big loss of to the consumers and also to the company!

In order to overcome the phishing problem, PayPal has come out with a hardware solution, i.e the PayPal Security Key. This security key generates a unique one-time-use key code every 30 seconds, which you use along with your username and regular password to log into your account.

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