The security key is actually a small electronic device, designed to clip on to a keychain, that calculates a new numeric password every 30 seconds. PayPal users who sign up to use the device will need to enter their regular passwords as well as the number displayed on the key whenever they log in to the online payment service.
"The key is really going to give users one more layer of security for their accounts," said Sara Bettencourt, a PayPal spokeswoman.
The Security Key could be an important tool for PayPal, whose Web site is frequently spoofed by phishers looking to steal user account information.
PayPal users who want this extra level of security will be able to buy the devices for $5, but this fee will be waived for PayPal business accounts.
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