PayPal, teaming up with VeriSign, has recently released a new hardware SecurID device to help increase the security available to their users. The PayPal Security Key is a small dongle-like device that generates an algorithmic 6-digit password token every 30 seconds. Once activated, independently for each account, the current token must be entered when logging into your PayPal or eBay account. This means even if someone gets a hold of your username and password, they still won’t be able to log in to your account without the 6-digit token.

Since the security key is activated independently for each account, the same device could eventually be used for other VeriSign-owned companies and websites as well.

Leo Laporte and Steve Gibson interviewed Director of Account Protections at PayPal, Michael Vergara in episode 103 of their weekly podcast, Security Now for an in depth look at how the security key works to keep your account safe.

If you use your PayPal or eBay account regularly or are concerned with the security of either of those services, the Security Key is highly recommended. The PayPal Security Key is available for an introductory price of $5.

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