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PayPal has introduced the PayPal Security Key for its customers at the eBay Live Conference in Boston.

PayPal Introduces Security Key

The key is a small electronic token that creates a new security code about every 30 seconds. Members can use the code, along with their user name and password, to access their eBay and PayPal accounts. The key is designed to keep unauthorized users from accessing accounts.

"We've had a tremendously positive response to the PayPal Security Key beta program and are excited to make the device generally available," said Michael Barrett, chief information security officer at PayPal.

"While PayPal.com remains a trusted and secure environment, the PayPal Security Key allows customers to take their privacy and security into their own hands to help protect their eBay and PayPal accounts against unauthorized access."

The PayPal Security Key is part of the VeriSign Identity Protection (VIP) Network. Consumers can use the key to protect themselves on a variety of financial services and e-commerce Web sites.

"Through the VIP Network, eBay and PayPal members will be able to use their PayPal Security Key to protect their account data at other participating sites and thereby reduce online fraud and cyber crime," said Fran Rosch, vice president, Authentication Services, VeriSign.

The PayPal security Key has a one-time fee of $5.00 for PayPal and eBay account holders in the U.S. The key will be available in Germany and Australia with more countries to be added later.