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In a move that is probably a direct result of all the recent media attention -- and reality -- of scams on eBay Inc.'s (NASDAQ:EBAY) PayPal division involving payments and transactions (and identity theft), the company said that it will soon be providing "key fobs" that will be required to login to one's PayPal account, in addition to usernames and passwords.

These electronic security measures have codes that change every 30 seconds, so even a thief armed with a stolen username and password from a PayPal account (gleaned from a fake PayPal email) will have a virtual stop sign now that this third security measure will be in place.

Is eBay doing the right thing? Absolutely. The safeguarding of personal information and financial accounts for its customers should be a top priority. Although the fobs will be given to business PayPal customers first, regular PayPal customers will have access to the free devices soon as well. Are the days at an end to eBay and PayPal phishing scams? We will all have to see.

eBay's PayPal to fight fraud with new key fob security originally appeared on BloggingStocks on Tue, 16 Jan 2007 10:17:00 EST. Please see our terms for use of feeds.

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