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PayPal will be offering one-time password generating key device to increase the security of online payment service. This will increase the security by offering two-factor authentication.

The device displays a new one-time password in the form of a six-digit code about every 30 seconds. PayPal clients who opt to use the device will enter this password along with their regular credentials when signing into the service. The key fob is meant as another weapon in the battle on data-thieving phishing scams.

“If a fraudulent party somehow got hold of a person’s username and password, they still wouldn’t be able to get into the account because they don’t have the six-digit code,” Sara Bettencourt, a PayPal spokeswoman, said by phone Thursday. “This by no means is a silver bullet that is going to stop fraud. This is just another layer of protection.”