Alternatively called a fob, key fob, or security token, a password generator is a hardware device used for online services, such as banking, to increase security. The device generates a random, one-time password every 30 to 60 seconds that is used to log into a secure website. The image is that of a USB security token; an example of a password generator. This specific model creates a random six digit password that is to be entered with a user's security credentials to access their account.
Today, many companies are moving from a physical password generator to a digital password generator that run on a smartphone. For example, Blizzard Entertainment uses its Battle.net Mobile Authenticator to validate users of their services and games to help prevent hackers from gaining unauthorized access.