PayPal Announces Security Key

SAN JOSE, Calif. and BOSTON -- Today at the sixth annual eBay Live! Conference, eBay Inc. and PayPal announced the availability of the PayPal Security Key for its customers.

The PayPal Security Key is a small electronic token that generates a unique security code approximately every 30 seconds. Members can use this code, along with their user name and password, to sign into both their eBay and PayPal accounts, helping to prevent unauthorized users from accessing them.

This type of additional security, known as two-factor authentication, is used by leading financial institutions as additional means to protect consumers and reduce losses from online fraud such as phishing attacks.

“We’ve had a tremendously positive response to the PayPal Security Key beta program and are excited to make the device generally available,” said Michael Barrett, chief information security officer at PayPal. “While PayPal.com remains a trusted and secure environment, the PayPal Security Key allows customers to take their privacy and security into their own hands to help protect their eBay and PayPal accounts against unauthorized access.”

eBay Inc. (Nasdaq: EBAY)