We are constantly reminded to be vigilant about security when making online payments. For example, when you transfer money from your banking app to a new payee, you are asked questions to check that you are not being coerced into making a payment. The app asks the reason for your payment and whether you have received the goods you are buying. Unfortunately, payment fraud remains an issue, and financial institutions want to protect their customers and themselves.
PayPal has always had online security at the heart of its product offering. The godfather of fintech was established in the earliest days of e-commerce to enable safe peer-to-peer financial transactions. At the time, most purchases were made using cash or cheque, which could not be used in a virtual environment. The alternative was emailing or texting bank card details over unsecured networks. PayPal has strived to remain at the forefront of fintech developments, and the introduction of Passkeys last year was another innovation to keep accounts secure.
With PayPal, customers know that their privacy, money and purchases are secure at every step of the payment process. Passkeys were introduced on Apple iOS first and offer an easy, secure login method for PayPal users. They have now been rolled out to eligible customers on Google Android devices. Once PayPal creates a passkey, the customer no longer needs to type in a password to log in. Passkeys offer all the security of PayPal without the hassle of remembering increasingly complicated passwords.
The introduction of passkeys is surely to benefit PayPal’s many loyal users, like those regularly having a flutter at UK PayPal slots. Many online gamblers like the reassurance of an extra layer of security between the online casino and their money. The addition of passkeys for players who enjoy gambling on the go will make the experience even more secure. Passkeys offer customers a quicker way to sign in securely to PayPal. The app can then be used to make online deposits from the customer’s chosen funding source.
Passkeys have been created by the FIDO Alliance and the World Wide Web Consortium as a new industry standard. They replace passwords and cryptographic key pairs using digital credentials like biometric sensors such as fingerprint, facial recognition and PIN. The technology has been developed to help guard against phishing.
PayPal is a founding member of the FIDO Alliance and is at the forefront of the rollout of passkey technology. It is one of the first financial service operators to make passkey authentication available. Passkeys employ cutting-edge standards that address one of the biggest security problems on the internet – password weakness. Passwords are inherently weak, mainly because we need to make them memorable. Passkeys, on the other hand, are designed to resist phishing, credential stuffing and other remote attacks.
In 2017 over 2.6 billion records were hacked. 81% are estimated to have been caused by cybercriminals stealing and guessing passwords. Many people use the same passwords across different online platforms, which makes them particularly vulnerable to attack. By replacing passwords with passkeys, PayPal offers their customers a seamless and secure login process. Recent data shows that 44% of online shoppers have abandoned their purchases because they could not remember their password.
Creating and using a passkey with PayPal is quick and easy. Android users need to be on a device running Android 9+.
Doug Bland of PayPal said, “Launching passkeys for PayPal is foundational to our commitment to offering our customers safe, secure and easy ways to access and manage their daily financial lives”.
Disclaimer: Gambling involves an element of financial risk and may be addictive. Please play responsibly and at your own risk. This post contains material that may or may not be legal in your country. Please play subject to applicable law.