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One Time Password- A Significant Authentication Method for Every Business

One Time Password or OTP is an added two-factor authentication for financial and sensitive transactions performed online. OTP is a four to six-digit arithmetical code delivered in real-time as SMS to any user’s registered mobile or cell phone number when performing the transaction.
As far as signing into websites and computer systems is concerned, it generally involves entering a throwaway password, which is applicable only once and gets changed every time you log-in.

Typically, a one-time password is a sequence of worthless numbers or characters or it might be a half dozen or so small, unsystematic words. How would you know your OTP if it keeps varying? It is not something you are anticipated to keep in mind: it is produced automatically and delivered to you by some process other than online transmission. It might be delivered to your cellphone (mobile phone) as Bulk SMS; it could be produced by an app running on your mobile phone or by a fanatical, handheld electronic device known as a security token; it might even be printed out and sent to you on paper, the good and traditional method.

OTP is mandatory for authenticating the following type of transactions:

  • Registering of beneficiary bank accounts of different banks
  • Bill payments
  • Funds transfer to other bank accounts
  • Mobile/e-mail ID or password change
  • Alert for profile change
  • Issuing demand draft

Overall, one-time passwords or OTP can give full protection of the login-time verification method against rerun attacks. This is a new effective and simple OTP method that produces a unique passcode for every use. The type of calculation uses both time stamps and a series of numbers. A two-factor authentication model for mobile phones using this technique has been produced and has been in use for quite a few years now.

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