PayPal introduces security token
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Online finance service PayPal, used by mainly people on eBay, introduces a security token to tackle fraud.
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A coding error during routine upgrade maintenance at online payment Web site PayPal.com has created havoc for users, who have had only intermittent access to their accounts since Friday.
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Paypal security chief Michael Barrett says that his company is slowly turning the tide against phishing.
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Outages put a crimp in access at PayPal, Gawker. Also: Microsoft's latest security warnings.
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Portal says DomainKey use will protect users from ID theft and phishing scams.
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Anti-phishing applications, smart cards, and new authentication technologies are vying for your support.
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Most members of the online payment service Paypal should be able to log on to the Web site after five days of intermittent service outages and furious repair efforts, the company said.
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A tool that could help in the battle against spam and phishing attacks receives industry approval.
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SAN JOSE, Calif.  -- Online payment processor PayPal said it would fine customers as much as $500 if they violate the company's policies against using the service for gambling, pornography or selling prescription drugs without official certification...
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PayPal said late Tuesday that it has fixed a software glitch that locked some of its customers out of their accounts and crippled eBay users&#39; ability to complete online transactions.
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Online giant teams up with RSA Security to keep users' account info safe.
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(InfoWorld) - PayPal unveiled a new Security Key on Friday that will add an additional layer of security to user accounts and help prevent online criminals from gaining access to them. The PayPal Security Key is a small electronic token that generates a unique code that can be used in addition to a user name and password when users sign in to their PayPal account.                                                     The company announced the news as part of eBay's week-long Developer Conference in Boston. It provides PayPal customers with so-called "two factor" authentication that makes it harder for online criminals to raid accounts, even if they do trick users into giving up their user name and password using online "phishing" scams, according to Michael Barrett, chief information security officer at PayPal. "This is something that will help the community to be more secure," Barrett told InfoWorld. PayPal and parent company eBay are top targets for online scam artists, who use dummy Web sites in so-called "phishing" attacks that attempt to trick users into revealing their user name and password. Those accounts can then be raided or used to fraudulently purchase goods. The Security Key isn't a silver bullet for phishing attacks, but just one part of a multi-pronged defense by PayPal and eBay, Barrett said. In recent months, the company has begun digitally signing all outbound e-mail messages and putting pressure on ISPs to take action on fraudulent mail that claims to come from both eBay and PayPal. More recently, the companies have been working with two leading ISPs in a beta program to automatically block all non-signed e-mail that claims to come from eBay or PayPal, according to Barrett and eBay CTO Scott Thompson. PayPal has been testing a beta version of the Security Key program in Germany and has already issued tens of thousand of the password tokens to its users. Already, the favorable response from users has been strong. "We never advertised this. It was all by word of mouth, but it's still been extremely popular," Barrett said. Starting Friday, PayPal will begin making the Security Key, which is part of the VIP (VeriSign Identity Protection) Network, available to its U.S. customers for a one-time fee of $5.00. PayPal users in Germany and Australia will also have the option to receive a Security Key, and PayPal plans to add other countries in the near future, according to a PayPal statement. PayPal and eBay began working closely with VeriSign after a deal to buy VeriSign's payment gateway business in October, 2005. PayPal has no plans to charge its customers for the token beyond the initial $5.00, which covers shipping and handling. Nor will the company levy a subscription fee for the two-factor authentication service. "This isn't something we're making money on," Barrett said. That said, PayPal will be paying attention to the number of users who adopt the password token and to the company's rate of fraud in an effort to figure out whether the tokens are worth the cost of the program, he said. Currently, fraudulent transactions amount to around $35.2 million dollars a year, or one third of one percent of PayPal's total global payment volume of $11 billion, Barrett said. Lowering that fraud rate even a little could offset the cost of the program. PayPal is also taking cues from other online financial services firms like eTrade, which launched a program in 2005 to allow all its U.S. account holders to use an RSA SecurID token for two-factor authentication, Barrett said. "eTrade has been pretty bullish about this," he said. "One thing that they noticed is that the customers who have (the token) use their account more because they feel safer," he said. Even before the news was announced, PayPal and VeriSign were promoting the new program on the floor of eBay Live at the Boston Convention Center, and VeriSign employees were handing out free PayPal tokens to attendees and signing them up for the new program. Charles Hu, an eBay Live attendee who sells concert tickets under the name "SummerComets" on the online auction Web site, said that he liked the idea of having an additional layer of security for his eBay account. "I'm always worried that someone will steal my password," Hu said. "I've seen (the password tokens) used in other industries, too." However, Hu wasn't ready to sign up for the program because he was worried that doing so would lock his wife out of their eBay account. "She's back at the hotel, so if I sign up now and they change our account, she's not going to be able to log in," he said. Barrett said that PayPal was prepared for the increased support calls that will come after the secure tokens are in widespread use but says that his company has a duty to protect customers from scams, even if it adds to the cost of doing business for PayPal and eBay. "Customers have been telling us they want this, so we're going to give it to them," he said.
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Symantec Corp. is fishing for dollars with a new service designed to help companies combat the ongoing epidemic of online identity theft, or "phishing," scams.
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PayPal has launched a new promotion offering five free tracks from the iTunes Music Store. You can now use PayPal to securely and easily buy music from the massive iTunes catalogue, including lots of exclusive tracks and videos.
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U.S. Bancorp will use VeriSign's Unified Authentication service to validate and secure interactions with commercial banking customers, providing them with a secure USB token they must use when accessing services online.
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Customers at Apple Computer&#39;s iTunes store will now be able to pay for their songs, albums and gift certificates using PayPal, a virtual wallet technology owned by eBay.