PayPal has announced plans to bump up its website’s security measures. Every person using Paypal will now be expected to add their phone number in order to continue using the service.
The measure is expected to tighten the security of user accounts while making electronic payments. It will also make it more difficult for third parties to access or make changes to their accounts. Ultimately, the new security measure will go a long way in curbing fraud.
The measure will add an extra authentication process which will help validate your identity before using the service. A similar feature is already in use by most websites including Facebook, Google and a host of commonly used websites.
Fraudsters tend to target user’s accounts in some cases bypassing their passwords and gaining direct access to accounts. This has resulted in ransomware and in some cases, companies and individuals have had their online data compromised.
In July this year, hackers gained access to multiple twitter accounts belonging to influential personalities and managed to get away with millions worth of bitcoin by scamming followers.
PayPal faces a much higher risk as millions of users worldwide use the service to transfer funds. The two step authentication process will now apply to users when accessing or making any changes to their accounts.
However, as the company works on making the changes, several users have reported online that the website has suddenly limited their accounts and is asking for more information