OTP stands for “One Time Password” which is used to authenticate login credentials, online verification and financial transaction. Nowadays, the numbers of Internet users are increasing day by day. People uses various services, creates accounts, log in to web portals and carry out financial transactions. Owing to increase of frauds, the service providers implement various means of authentication. One Time Password is one of the ways of verification that administrators use to validate the login credentials of the real users.
In spite of providing username and password, you need to enter the One Time Password, an additional layer of authentication. Using it is recommended and most of the reputed service providers facilitate this authenticating mechanism for their customers. To get this verifying code or authorization code, you can add and use your mobile number to your account’s profile.
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OTP Full Form
Many new users ask what does OTP mean? It’s a good query that deserves exact answer. In our day-to-day life, we use this authenticating factor. That’s why you should know what is an One Time Password? What is its full form? These are some of the questions that many newbies ask.
OTP is an acronym and its full form is “One Time Password. It has some variants like HOTP, TOTP, m-OTP etc. All of these are authenticating factors, customers use them for the sole purpose of verification. However, there exists difference in functioning, user platforms and algorithm.
What Is OTP Code?
When you log in to your account having a preconfigured One Time Password authentication service, the system asks for an authentication code. The authentication code is also known as OTP Code which the service provider sends via SMS, text messaging or 2-factor authenticator apps.
This authorization code is may be a 4-8 digit numbers or alpha-numeric characters. For transaction in financial services, the code strength may be up to 10 digits. However, as usual, it consists of 4 characters, for minimum strength.
OTP Verification
OTP verification is very simple that anyone can do when he is going to log in to an account online. Just type your username, password and lick login or sign in. If your login credentials are correct, the system will show you the next field wherein you have to type the One Time Password and click on the submit. If every thing is right, the system will automatically verify your authorization code and you will be able to log in to your account.
OTP Features
What are the One Time Password features? Many readers ask such type of question that we should answer. This is, actually being an authenticating factor, when the Internet Engineering Tusk Force(IETF) developed it, they made standard protocols for it. They have taken into account both the pros and cons of it.
OTP has the following features:
- Numeric or Alpha-numeric characters.
- Random characters, not in particular order.
- Based on a time-based algorithm or counter-based algorithm.
- Valid for authentication for a few seconds or minutes.
- The One Time Password generated by the two-factor authentication apps are valid for only 30 seconds. Each 30 seconds the 2FA apps generate new two-factor tokens( validation codes or One Time Password).
- Mobile-based One Time Password needs an active sim card to receive it over networks.
- Many apps for 2-factor authentication can generate authorization codes even without the Internet.
- Valid for one-time
- Login session
- Verification and
- Use
Is OTP Secure for Authentication?
Many readers ask is One Time Password secure for authentication. I say, of course, it is more secure than those accounts or verifications which are done without this.
In the earlier days, accounts used to have just username and passwords. Just by providing these two factors, users could log in to their accounts. It was less secure because it did not have any additional authenticating factor. Mos of the accounts used to identify users based on a single factor, that is to say, user id or username and password.
But as Online activities increased, more people of various profession started to use the Internet. The cyber criminals used it to manipulate their personal ends. To block the loophole of this drawback, the computer scientists and software engineers developed new protocols to provide an extra layer of authentication to be used by the real users during online work, verification and transaction.
Hackers can’t access your account just by compromising your passwords if they don’t steal your One Time Password. During logging in or verification for an online service, you need to submit this one-time usable password that you can receive to your mobile. To validate banking transaction online, it is a must-have for you to submit the one-time-based password to your bank’s portal. You can’t receive such a One Time PIN without registered mobile number.
From this aspect, we can say that using One Time Password during online login or verification is, of course, secure and hackers can’t access it easily. However, if your device is lost or stolen and hackers capture it, they can abuse it to hack your personal data. SIM Swap is a common fraud that happened in Kenya and India.
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How a One Time Password Works?
All One Time Service providers work based on certain algorithmic protocols. All the protocols are either standard or committed. To authenticate user’s login credentials, the servers generate One Time Password which the user needs to enter to the site whereinto he wants to log. The sites which provide SMS-based authentication codes use such type of service. To receive such types of codes, you need to have an active mobile number linked to the code generating servers through the linked sites.
On the other hand, certain apps for 2-factor authentication create either time-based or counter based OTP. Time-based One Time Password is generated every 30 seconds. To use and validate your login, you have to submit such types of codes within 30 seconds. Counter-based One Time Password is event-based which means that the moving factor is changed based on a counter. Here the user can’t log in until the code generator synchronises with the server that has preconfigured account data including login identifiers.
Who Needs OTP Services?
Security is the most important factor that you have to take into consideration provided that you are going do any important work online. Your profile contains sensitive data, personal data and more. To save your data, your account must stand safe and shielded against cyber snipers.
You have to protect your account with an extra layer of authentication, very often termed as 2-factor authentication, if you want to stand protected from hackers. You need OTP authentication service for the following types of services.
- Account containing debit card or credit card
- Account with Date of birth, mobile number, personal identity number, bank account number etc.
- Online transaction details.
- Big sites having sensitive data.
- Ecommerce sites and banks need OTP service.
One Time Password is a random string of codes used to verify user’s identity before login to a certain site or web portal. Nowadays, along with the use of the Internet, frauds are increasing day by day. Users fall victims to bad guys who exploit users data in various ways. To mitigate such online frauds, the Internet Engineering Tusk Force (IETF) undertook developmental projects that gave birth to OTP protocols.
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