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PayPal Inc. has added a new security option for its accountholders, the San Jose, Calif.-based company announced today. The PayPal SMS Security Key is a one-time, six-digit security code PayPal sends as a text message to customers who have registered to use the extra step before they log into their PayPal accounts. Once consumers receive the security codes in mobile text messages, they enter the codes into online security prompts for using their PayPal accounts. The system employs the same process as the PayPal Security Key, which uses a small electronic token that generates a unique security code every 30 seconds. Both the phone-based and electronic-token two-factor authentication methods are part of the VeriSign Identity Protection Network security-key process. The network also enables the one-time security-code service for several e-commerce merchants and financial-services providers, including Geico Corp., America Online Corp. and Teachers Credit Union.
