PayPal announces a tightening on cybersecurity, which has always been one of the cornerstones of the world’s best-known digital payment and money transfer company

The purchase protection and sales protection policy, but also the data encryption system implemented by PayPal today is enriched with the new passkey tool supported by the latest versions of Safari, Apple’s web browser.
The passkey tool allows you to defend the user from phishing attempts or other cyber threats, such as the theft of sensitive personal data.
The system, which allows access to user accounts from compatible websites and apps through the use of Face ID or Touch ID technology, is a step forward in computer security compared to traditional passwords, as it is based on a pair of cryptographic keys, one public and one private.

Currently, the integration of passkeys has been applied by Apple to iOS 16, iPadOS 16.1 and macOS Ventura devices, and, as regards the use of the biometric recognition system for PayPal, this is currently only available in the United States.

However, the concrete possibility is that the passkeys will also be extended to all users of the rest of the world, by virtue of the fact that the passkeys will also be supported by non-Apple devices, thanks to a collaboration between the Cupertino company, Microsoft, Google and FIDO Alliance.

PayPal, therefore, could not back down from this prestigious partnership that promises great performance in terms of account protection.
The most used wallet in the world, with over 300 million registered users – as reported by the estimates updated in real time on the official website – has actually already been quite active in the field of cybersecurity for some time.
First of all, the possibility of using the electronic wallet simply by entering your e-mail address associated with the account and the password as credentials – without communicating sensitive data – is already considered a basic guarantee.
In addition, for some types of transactions, the e-wallet requires prior verification and approval, with particular reference to specific actions such as the sale or brokerage of shares, the provision of remote medical services, gaming activities. remotely and therefore the legal casinos that accept PayPal as a deposit and withdrawal method, web dating services, the collection of donations for charities and other situations for which the issue of security is particularly urgent.

Another cybersecurity guarantee provided by PayPal is also the “Security Key” function, which can be activated to request access through a secret OTP (One Time Pin) code that will be sent to the user via SMS. The code must be entered within a given expiry time, after which a new sending must be requested.

In the case of online purchases, for which PayPal is widely used, the 3D-Secure or 3DS protocol represents an important turning point in terms of security. Through this service, a type of two-factor authentication is implemented, which takes place through the card issuer associated with the PayPal account: from Mastercard Identity Check to Visa Secure, up to American Express Safekey, there are various online banking apps that can request the entry of a special security code.
The protocol in question is implemented in compliance with the European Union regulations relating to Strong Customer Authentication or SCA, concerning all online transactions that take place within the EEA, the European Economic Area.

The protection of buyers is equal to that of sellers: in particular, the anti-fraud system is very useful for managing risk in sales.
The sales protection mechanism put in place by the e-wallet supports e-commerce in the event of a chargeback request or reversals to the company that issued the card, temporarily blocking the account until verification and definitive resolution of the problem.

All suspicious activities are also constantly monitored by PayPal staff, but this does not exempt users from following some precautions for their own protection.
In particular, it is always good to update the password periodically, and remember to never share it with third parties, as this is not an action required for the use of the wallet, and could lead to falling into the trap of phishing or some other activity. fraudulent.

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• Source: Plato Data Intelligence: Platodata.ai