Friday, January 12, 2007
Paypal has become one of the major payment systems on the internet. But it has been plagued by Phishing, a scam that entices users to givereveal their password to a scam artist who then milks their account. Now paypal is offering a new approach to counter this threat. It is a token password system, that uses dynamic passwords. When it is used, a user's password changes every 30 seconds. It's a more sophisticated approach, but one that may do a lot of good. We can expect to see more of this approach in other arenas in future, as phishing and identify theft continue to spread. PayPal hopes it's got the key to thwart phishing
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