PayPal users to get two-stage security

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PayPal users to get two-stage security

Antony Savvas

PayPal is reportedly planning to offer users a password-generating key fob to deliver two-stage security to their accounts.

The move means that, even if a hacker or identity thief managed to steal usernames and passwords for PayPal accounts, they still wouldn’t be able to get access to those accounts.

The planned device displays a new numeric one-time password every 30 seconds.

PayPal intends charging around $5 (£2.65) for the fob, but it has not so far announced when it will be introduced to UK users. PayPal first intends completing trials for the solution in the US, Germany and Australia.

PayPal claims to have more than 120 million users worldwide. A recent analyst report said the number of active PayPal users completing online deals in the UK outstripped the number in other European countries.

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