Payments secured by SMS
UK PayPal users can now opt to strengthen the security of their account with an extra level of authentication using a one-time-password sent by via text message.
During an online session, this password is entered along with the user’s usual account name and password. Once PayPal verifies the password and matches it to the user, account holders will know they have achieved strong two-factor authentication.
The new process relies on security services provided by VeriSign Inc.
Consumers can receive PayPal one-time-passwords without having to download any special software to their mobile phone.
They also have the option of accessing the VeriSign Identity Protection service from a key-fob smart token. This PayPal Security Key creates random and temporary security codes every 30 seconds.
No extra charge on top of the SMS message will be made for the mobile security key. Each security key-fob token is priced at £3, but PayPal said that there is no monthly service fee or additional cost.
