Rajiv Dutta

Last night, however, was a first for me. I joined Meg and Bill onstage during the Keynote, and what a great experience it was to be able to share some of my personal passion and excitement for what we’re doing to help the eBay Community. I’d like to share some of the highlights happening at PayPal that I offered to our audience last night.

First, let me say that we know that protecting yourself against fraud is a critical challenge that you face in running your business. You hate chargebacks and you hate fraudsters. And let me tell you something – so do WE!

You’ve asked for more support from PayPal in this area, and I’m excited to share some important new features with you that will be significant in helping keep eBay buyers and sellers safe when they trade with PayPal.

PayPal Security Key
Recently in beta testing, the PayPal Security Key is a small electronic device that adds an extra layer of security to your account. Sized perfectly for your keychain, it generates a unique six-digit security code every 30 seconds. You enter that code when you log in to your PayPal or eBay account with your regular user name and password. If someone tries to access your account without the code, they’re locked out. The code – which is synchronized with your log in – will then change at the next 30 second cycle, so you can only get in each time by physically having the Security Key. You can watch the demo here.

Response to the Security Key beta has been overwhelmingly positive. I’m proud to announce that we’re officially bringing the Security Key out of beta starting today. Click here to order yours.

Payment Review
We also understand that sellers want more information about some of the riskiest transactions in the system. So later this summer, we’re launching what we call Payments Review.

Payments Review means, quite simply, that we’ll highlight those transactions we have reason to believe may pose a risk. We’ll keep those transactions pending in your account while we’re investigating them, so that you don’t ship the items until you know the money is good. And when PayPal completes the transaction and you ship the goods, you will be protected 100% -- guaranteed!

We’re very excited about this new capability because it’s what you’ve been asking for – protection against risky transactions. We believe this will have a big positive effect in reducing chargeback issues for sellers.

Confirmed Addresses
The Seller Protection Program was an industry first six years ago when we started it. This year PayPal expanded the confirmed in our system by 50%. This means sellers can ship to 50% more addresses with the confidence that you’ll be covered against chargebacks. We realize you want us to go farther, and, as I said last night, our goal is to keep working on this until every address is confirmed.

I’d also like you to know that is just the tip of the iceberg. In the coming months, we plan to introduce new risk tools and filters that will give you more information to make better decisions. So stay tuned!

Sincerely,

Rajiv Dutta
President, PayPal