PayPal launched on Friday its security key fob, a little device designed to thwart password-stealing bad guys who are out to pilfer your online payment account.
PayPal, owned by online auction behemoth eBay, says its PayPal Security Key will generate a new security code every 30 seconds, which people will enter along with their log-in and password for their eBay and PayPal accounts.
PayPal, which initially announced in January plans to increase security via a password-generating key fob, will charge $5 to PayPal and eBay account holders in the U.S. The plan will be expanded internationally.
Various versions of two-factor authentication have been circulating on the market for a good number of years, from password-generating tokens, otherwise known as key fobs, to chip-embedded smart cards.
But problems also exist with these additional layers of security.
Think memory lapse. Imagine trying to access your eBay account as the minutes tick down on an auction you're bidding on, but the key fob is nowhere to be found. Do the words, "Where is that **** thing?!?," sound familiar?
And for people whose key chains rival that of your friendly maintenance worker, imagine throwing a few key fobs into the mix.
I better start paring down my key chain and drinking Ginkgo now.