App/system: PayPal account
Learn: How to set up Multi-factor authentication
Skill level: Beginner
Read time: 3 minutes
Do you or your employees use PayPal to create and manage business payments? If yes, have you considered the security vulnerabilities this opens up for your business?
Cyber attacks are estimated to cost an average of £4200 per business. From July 2021 to July 2022, 39% of UK businesses identified a cyber attack against them. By far the most common (83%) was phishing attempts, where hackers try to access employee passwords or other log-in information.
Information above is taken from the UK Cyber Security Breaches Survey 2022.
Why is multi-factor authentication important?
Many of us still use only a basic, password based authentication to access email, Google, Microsoft and social media accounts, despite plenty of evidence that passwords are easily and regularly hacked. Multi-factor Authentication (MFA) takes moments to set up and makes it much harder for hackers to gain access.
Think of your password as the first ‘layer’ of your security. If you add a second ’layer’ this increases the work required to ‘break-in’ and hack the account. Further, this second layer may involve a fingerprint scan, another device or generating a limited-time code and is therefore much harder to steal or falsify than a password. MFA improves account security and better protects you and your organisation from anyone trying to access information they shouldn’t.
Read on for our guide to walk you through setting up MFA for your PayPal account.
Step by Step: Set up MFA for your PayPal Account
You can set up MFA for your PayPal account on either your computer or mobile device and the process is very similar for both. First you need to access PayPal either via your browser or your mobile app and then follow these steps:
- In the top right corner of the screen click on My Account
- Select Settings
- Find Security or Login and Security
- Select the option for 2-Step Verification
- Choose the type of authorisation you want to add
- Follow the on-screen instructions
- Click Done when you are finished
Continue your cyber security journey
MFA is a critical part of securing your personal and business data, but it’s by no means the only step you need to take.