Paypal, the online money exchange or payment service has released a security key for its users, which adds an extra and strong layer of security for its users. The key is basically a hardware device and it generates a code after every 30 seconds and this code has to be entered every time you want to login to your account and because this key is specific to your account so it will not work with any other account.
The question now rises that how this key will secure the transaction. Well, lets take the example that you get caught in the phishing scam and you give out your login details along with a security key but you don’t have to worry about the security of your account because that phisher will not be able to log-in to your account as that key will be expired and will be of no use at all. And how much this hardware key costs..well, just $ 5 and I think that I’ll go for this key as I can get rid of any tensions in just $ 5. What do you think are you going for this key or not?
Now, this key can be used by all the banks because online phishing scams have increased a lot and people will love to pay them for this particular device as this will give them extra layer of security. I know that all the banks don’t use it, it maybe a case that one or two banks may be using it but if Paypal can apply this then I’m sure it will be easy for banks too.