While this is concerning, there is an easy way to protect your account from this vulnerability. How to further secure your PayPal account What CyberNews analysts achieved was the ability to log-in to an account from a new device using basic credentials (username and password) without PayPal challenging the login attempt. It’s this series of checks that CyberNews claims to have circumnavigated, allowing them to gain access to an account. Whenever you login from a new device, PayPal runs a series of checks in the background to ensure the user is actually you before approving your transactions. PayPal also knows each user’s behavioral track record, the device normally used to login, and recent activity, allowing them to better detect fraudulent transactions. They also encrypt any information sent during a transaction to prevent interception by a scammer. This helps prevent a scammer from intercepting a transaction in transit and redirecting you to a cloned site designed to capture your personal information. PayPal uses a security layer called key pinning to ensure that your browser is communicating with a legit PayPal server. So, how concerned should we be about these vulnerabilities? If your business uses PayPal as a form of accepted payment, should your business discontinue this practice and consider an alternative online payment system? Before jumping to conclusions, let’s first look at how PayPal safeguards its accounts and then how these safeguards have been compromised. CyberNews analysts discovered vulnerabilities that would allow someone to access a user’s PayPal account by phishing their credentials or using stolen credentials purchased on the dark web. A recent login hack, however, has put the company’s security in question. 36 percent of North American retailers accepted PayPal as of December 2018, and in the fourth quarter of 2019, there were 305 million active PayPal accounts worldwide. Done deal.PayPal is widely accepted as a secure way to conduct online transactions. And the best thing is as soon as you submit the new PayPal password, 1Password will of course update your record for that site too. Ready to use it? Either click “Fill” or simply copy it. Just right click – or Control-Click – to bring up the 1Password context menu and you’ll see this:Īs you can see, choose “ Password Generator” and the window that pops up offers a huge amount of control over the quite random password that it can create for you. But no! This time we’re going to use 1Password. Here’s where you would likely enter “FluffyBunny22” or something like that. Now you’ll see this, but you don’t want to just type it in and proceed: No surprise, click on “Change” to change your account password. I have a business account so it might be slightly different, but you then should see a summary of different settings and preferences on the left similar to:ĭon’t be sidetracked though (like I am here!) because in the middle section you should see this: It’s the third choice you want: Profile and settings. Log in to your PayPal account using your existing password and 2-step verification, then click on the gear icon on the top right: Let’s go through the steps and I’ll show you at the end how 1Password produces random password sequences so you can give it a whirl… We tend to do passwords based on birthdays, parents names, pets, movies, etc, whereas an app can just spew out a chaotic sequence of digits, letters, and punctuation / special symbols that makes for a far better password! Like many decent password managers, 1Password also has a password generation capability which is great because a program can be quite a bit more random in its selection than we humans can. And it’s great to have the information available across all my devices too, because sometimes I just don’t have my main computer with me. It’s the program that I also use and quite a few of my security conscious friends also utilize to securely track site passwords across Windows, Mac, Android and iOS.
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