PayPal SMS Security Key Adds a Layer of Protection to Your Account

I’m sure if I ask everyone visiting Mr. Gadget if they do financial transactions online, I’ll get an overwhelming “yes” as an answer. I use PayPal to pay and receive payments both, and I got to be honest and tell you that all those horror stories about being hacked fray my nerves.

Users can get some peace of mind with this new feature though. PayPal has recently introduced the SMS Security Key service that adds a layer of protection to your account. Basically, you associate a mobile phone number with your account and every time you want to log-in, you’re sent a text message with a security code that’s different from your password. A new security code is generated every 30 seconds, so it’s never the same on separate occasions. The service is now available to account holders in the United States, Germany, Austria, Canada, and Australia. Standard text messaging rates apply, although the service itself is free.

via CNET