Paypal standardizes options for two-factor authentication
Some Paypal users have received electronic mail: Adjustments to multi-factor authentication are imminent.
(Image: Nopparat Khokthong/Shutterstock.com)
Many Paypal customers are currently receiving an email from the bank promising improvements to "the way you log in". This is not SPAM or phishing, as a Paypal spokesperson confirmed when asked.
It is about customers who activated 2FA (two-factor authentication) on their own initiative before the obligation to use multi-factor authentication under the EU's PSD2 payment directive - which came into force on January 1, 2021. They should now have the same options as those customers for whom this was automatically activated after this part of the directive came into force.
More second factors and better device memorization
The changeover will take place in August. Further additional security components will be available in the settings. In addition to the existing authenticator and passkey, the Paypal app or WhatsApp will then be available as a channel for the second factor. While there is currently no option for those affected to memorize devices or web browsers, this option is also to follow. This will end the need to enter a number from the authenticator for every transaction or log-in.
Customers will not have to do anything else. However, the options will be available to interested parties next month. Customers who were automatically converted in 2021 already have the setting options available, Paypal explained. This is a standardization.
A European banking association has been founded under the name European Payments Initiative (EPI). Last week, this group of 16 banks launched a rival product to Paypal: Wero. The payment service is intended to at least reduce the company's dominance in online payment processing.
(dmk)
