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Why One Time Password is Necessary for Secure Transactions?

A one time password expands a user ID and password system by giving an additional dynamic password, so to converse. User IDs and passwords are fixed. If they stay unchanged, a hacker can crack them and use them every time. Thus, a user or administrator has to alter them regularly. On the other hand, an OTP gets changed in every 30 to 60 seconds.

There’s an ongoing dispute within the community of information security about the dependability of OTP tokens for verification. Critics say that a hacker can break into the system with a middleman attack, which is when a hacker cuts off the token value in real-time, along with the user IDs and passwords. However, again this attacker or hacker would have to act quickly and use the OTP or one time password value within the short time, i.e., between 30 to 60 seconds. In spite of this possibility, OTP tokens are still broadly considered trustworthy for two factor authentication.

OTP SMS for Two Factor Authentication





An OTP is safer than a fixed password, particularly a user-generated password, which is in general weak. OTPs may put back verification login information or may be used additionally to it, to add another layer of security.

OTP tokens are generally pocket-size fobs with a small screen that shows a number. The number gets altered every 30 to 60 seconds, which is based on how the token is put together. For two factor authentication, the user has to enter their user ID, PIN and the OTP to enter the system That received through Bulk SMS.

For example, if you are in the process of buying a product online, you will be requested your identity number, user name or login ID after which you will have to add a transaction ID; this along with the login ID makes sure and safely recognizes you as the genuine account holder and moves forward with the transaction. In case, where there is an uncertainty about the legitimacy of the user, banks and other financial organizations use a one time password (OTP) authentication method that is sent to the listed mobile phone of the customer as a significant part of the log in process; this only works for customers who have listed their smart or mobile phone numbers with the bank or any other organization.

Therefore, by the above discussion, it can be agreed that one-time passwords are essential for secure transactions.
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