What is a one-time password?
A one-time password or OTP represents a valid password for one login session or transaction on the online platform or any digital device. Usually, OTP is a one-time PIN consisting of string numbers that will authenticate a user for a transaction or a single login attempt.
An algorithm generates a unique value for each one-time password by factoring in contextual information, like time-based data or preOTPs avoid several shortcomings that are associated with traditional (static) password-based authentication; execution also incorporates two-factor authentication by ensuring that the one-time password requires access to something a person has (such as a small keyring fob device with the OTP calculator built into it, or a smartcard or specific cellphone) as well as something a person knows (such as a PIN). An OTP is much more secure than a static password, especially when a user-created password can be weak and reused across multiple accounts. OTPs may replace authentication login information or may be used in addition to it to add another layer of security. Many organizations recommend OTP over SMS to increase the security and safety of their customer accounts. Introducing security devices under OTP technology also creates favorable electronic transition conditions for users.
Today, most parts of the world, like e-commerce sites, enterprise networks, and online communities, use a one-time password system. It requires only a username and static password for login and can access personal details and sensitive data. This feature prevents identity theft by ensuring that a captured username/password pair cannot be used again if anyone tries to use it. The user’s login name and details typically stay the same, and the one-time password changes with each login. This means that whenever you log in, a new OTP is generated. One-time passwords are a form of robust verification, providing much better protection to banking, corporate networks, and other systems containing sensitive data and pieces of information.
Let us see how hackers get OTP (One Time Password, Token, Tan) and steal your money in this video:
Amazon one-time password
Please see how to set Mobile Authenticator OTP One Time Password for Amazon in the video below:
What is the advantage of a one-time password?
- -FORGOTTEN PASSWORDS CAN BE CHANGED: When you have social media accounts like Instagram, WhatsApp, Telegram, etc. then, you often forget the passwords of your accounts; there is usually a feature found on those accounts of’ forgetting passwords that those users can use to change their account password for future use. When you log in to an application using any different mobile device, the system will automatically process verification through the OTP Code to validate that the login made through a different mobile device is the original account owner or fraud.
- SECURE FOR INTERNET BANKING: Our Internet banking transactions cannot be processed without the Bank’s OTP code. When you conduct transactions such as money transfers through
Internet Banking, then verification codes, will usually be sent to your mobile number for the owner’s confirmation. That secret code is only valid for one-time use and has a specific time limit.
How do you withdraw money without OTP?
To withdraw money without OTP, you can use ATMs where only a PIN is enough. However, some ATMs, such as SBI ATMs, send you OTP on SMS messages.
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