Advantages of OTP
- OTP provides an additional layer of security by requiring users to enter a unique code that is valid for only one login session or transaction, making it harder for unauthorized users to access sensitive information.
- It helps to protect against hacking and phishing attacks by making it more difficult for hackers to access a user’s account.
- It is Cost-effective Compared to other forms of authentication( such as hardware tokens or smart cards). OTPs are relatively cheap to implement and they can be easily integrated into existing applications and systems.
What is One Time Password?
OTP stands for “One-Time Password”, which is also known as One-Time PIN or Dynamic Password. It is a password for a computer or digital device that is used only once for one session or one transaction.
OTP or One Time Password is a 4 or 6-digit security code. For example, when you transact online or shop online on an e-commerce website, you will receive a security code via SMS from the bank on your registered mobile number after filling in the banking details. This security code is called OTP. This OTP can be used only once for any session or transaction. That is, once used this code cannot be used again. So you will need a new OTP to complete a new session or transaction.
OTP is a mechanism that provides safe entrance or safe logging in on any network or service. Every time it’s a unique code generated for accessing the network or service securely. It has a unique specialty that does not work again and again, it changes after each usage session & is a different and unique code each and every time.