One-Time Password - Concord Group Insurance
What is One-Time Password (OTP)?
OTP stands for One-Time Password. It is a security feature used to authenticate users during transactions or logins. Unlike traditional passwords, which can be reused, OTPs are valid for only a short period or a single transaction.
Key Features of OTP
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Temporary: OTPs expire after a short duration or after they are used, enhancing security.
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Unique: Each OTP is generated uniquely for each session or transaction, making it difficult to reuse.
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Time-Sensitive: OTPs often have a limited time frame in which they can be used, further reducing the risk of unauthorized access.
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Two-Factor Authentication: OTPs are commonly used as a part of two-factor authentication (2FA), requiring something you know (password), and something you have (OTP).
Common Methods of Receiving OTPs
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SMS: A one-time password is sent to the user's registered mobile number via text message.
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Authenticator Apps: Applications like Google Authenticator generate OTPs that can be used for logins.
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Voice Calls: Some services may offer the option to receive OTPs via automated voice calls.
Benefits of Using OTP
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Enhanced Security: Reduces the risk of hacking since the password is not static.
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User Verification: Confirms the identity of the user, especially during sensitive operations.
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Reduces Risk of Phishing: Even if a password is compromised, the OTP is still needed for access.