Description
Why is a one-time password safe?
The OTP feature prevents some forms of identity theft by making sure that a captured username/password pair cannot be used a second time.
Typically the user’s login name stays the same, and the one-time password changes with each login.
One-time passwords (aka One-time passcodes) are a form of strong authentication, providing much better protection to eBanking, corporate networks, and other systems containing sensitive data.
Authentication answers the question: “Are you indeed Mr or Mrs/en/markets/digital-identity-and-security/banking-payment/digital-banking/passkeys-for-financial-institutions X?”
Today most enterprise networks, e-commerce sites, and online communities require only a username and static password for login and access to personal and sensitive data.
OTP and TOTP vs static password
Although this authentication method is convenient, it is not secure because online identity theft – using phishing, keyboard logging, man-in-the-middle attacks, and other practices – is increasing worldwide.
Robust authentication systems address the limitations of static passwords by incorporating an additional security credential, such as a temporary one-time password (OTP), to protect network access and end-users’ digital identities.
This feature adds extra protection and makes it more challenging to access unauthorized information, networks, or online accounts.
Time-based One-Time Password (TOTP) changes after a set period, such as 60 seconds.
In India, the mAadhaar app on your mobile phone allows you to generate a dynamic OTP instead of waiting for a one-time password to arrive. The app’s algorithm generates a dynamic OTP or TOTP. The 8-digit code is valid for 30 seconds.
Reviews
There are no reviews yet.