What I’m about to tell you about is a PayPal security feature that most aren’t aware of. It is so well-hidden on their site that it took me almost ten minutes to find it, and I already knew it existed. As domain investors, we use PayPal frequently to buy and sell domain names. However, because domains are valuable assets that are easy targets for theft, our email addresses are always at risk of being compromised. If a hacker takes control of the email address you used to sign up for PayPal, you’re in for a world of hurt. Until now that is.
PayPal, in cooperation with VeriSign, has released a security measure that, in addition to your user name and password, needs to be entered when you log in. You have two options: a security key token, or a mobile phone security key. The first option is an electronic device that attaches to your key ring. When you are ready to log in to PayPal you press a button on this device and it generates a random six-digit security code, and a new code is generated every 30 seconds. The second option is to have the random six-digit security code sent to your cell phone via text message when you log in. Both options mean that even if a hacker breaks into your email and finds out your PayPal user name and password, he still can’t log in to your account and go on a shopping spree.
So how much does this cost? The cell phone option is free other than your provider’s standard text messaging charges. The token option is a one-time fee of $5 including shipping. With the most expensive option being $5 and a free version available, you can’t afford not to add this layer of protection to your account. Learn more at the hard-to-find link below: