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Full Form of OTP with All Details

OTP Full Form with all details

Full Form of OTP - All Details

What is OTP?

OTP stands for One-time Password, also known as ‘One-time Pin’. A one-time password (OTP) is an automatically generated numeric or alphanumeric string of characters that authenticates the user for a single transaction or login session. It is a password that is valid only for one long session or transaction on a computer or any other digital device.It is a secure way to provide access to an application or perform a transaction only once and is the prime way of authenticating bank transactions.

The password becomes invalid after it has been used once. It is a security technique that provides protection against various password-based attacks, specifically password sniffing and replay attacks. OTP provides more enhanced protection than static passwords which remain the same for multiple login sessions or user-created passwords that may be weak or may be reused in multiple passwords at other platforms.

How Does an OTP (One-Time Password) Work?

OTPs avoid a number of shortcomings that are associated with traditional (static) password-based authentication. A number of implementations also incorporate two-factor authentication.

Concrete OTP algorithms vary greatly in their details. (A ‘randomized algorithm’ is an algorithm that employs a degree of randomness as part of its logic.)

  1. Username & password entered by the user
  2. The request is sent to backend
  3. Username & password are matched
  4. OTP is sent through SMS
  5. OTP is entered and the user logs in to the desirable site. 

Generation of OTP

The OTPs can be generated by any one of the following techniques:

How is an OTP Delivered?

While undertaking a transaction, an OTP can be delivered in different ways through different mediums, as follows:

On smartphones, one-time passwords (OTPs) can also be delivered directly through mobile apps, including dedicated authentication apps such as ‘Authy’, ‘Duo’, and ‘Google’.

( ‘Authentication – as- a – service’ is one of the ‘cloud services’ that enables access to a variety of IT resources, including devices, applications, and networks. It is also referred to as referred to as Directory-as-a-Service or Identity-as-a-Service).

In Germany and many other countries like Austria and Brazil, those OTPs are typically called TANs (for ‘transaction authentication numbers’). Some banks even dispatch such TANs to the user’s mobile phone via SMS, in which case they are called mTANs (for ‘mobile TANs’).

Advantages of OTP

Being a popularly used method in the online transaction process, there are more advantages of OTP than any risks.

Uses of OTP

Being a secure and standard way of authentication, OTPs have their presence in multiple online spaces. An OTP is useful as it allows only the owner of a particular phone number to receive access to that password, which in turn permits the user to log in to the application and verify the identity. An OTP is used in multiple ways which can be summed up in few points :

Being in an online and digital era, it is extremely necessary to be aware of each and every minute detail, while attempting any kind of online activity. Digitization has given us many facilities along with the comfort of not having to move and getting our things done instantly. But, it is equally important to stay alert and secure while trying anything online and not throw ourselves into this massive pool of frauds and thefts. We should first and foremost have all information regarding the pros and cons of whatever online platform we are trying to bring into use.

Also Read:

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Full Form of IBPS

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