OTP Full Form:- You must have heard about OTP. OTP is used for security verification on every platform like Banking, Online Money Transfers, Online Payment, and many more. The full form of OTP is a one-time password. It is a group of many numbers (4 To 6 Digits). These codes are only valid for a limited time duration. After that, they will expire and have no use. OTP is also known as Dynamic Password.
How does OTP work?
Let’s understand this with an example: Whenever you make online transactions, login into your app by entering the same password (that you use every time). When you enter your money and move ahead to complete the transaction, it sends a One-Time Password to the registered Phone Number from your bank. That one-time password is auto-generated by bank servers. Often this OTP can be Valid for 5 minutes, 10 minutes, or up to 15 minutes.
What is Time-Based One Time Password (TOTP)?
It is a time-based one-time password. If you want to see an example, then look at the WhatsApp verification code. In this, the time of one-time password is less than 1 minute. This one-time password becomes useless after time has passed. It is an auto-generated, one-time password. If you ask for a verification code again, every time you’ll get a new verification code different from the previous one.
One Time Password as two-factor authentication!
- First of all, you have to enter the user ID/email ID/mobile number and password.
- You will get One Time Password either on your Registered Mobile Number or Email ID.
- You have to enter that One-Time Password. Once you enter that OTP, your transactions will be completed.
While completing Transaction you have to enter Static Password before One Time Password.
How many ways OTP can be sent?
- A password is sent at the time of mobile app transaction processing.
- A one-time password is sent with the help of SMS Text.
- A one-time password is sent with the help of Email.
- A one-time password can be sent with the help of Voice Call.
Advantages of one-time password
- Dynamic Password (OTP) is more powerful and secure than Static Password. Protect your account details from hackers and stop unusual dangerous activities.
- As we know, we can use it at once. If you missed the previous one, then you have to generate a different OTP-Time Password every time. Make the process very secure.
- This makes the security layer of your account, to a great extent, stronger.
- It makes your Transaction Process End-To-End Encrypted.
Disadvantages of one-time password
By the way, there is no loss of using One Time Password, but quite often we face loss due to our own mistake. Let us now know about some of its disadvantages:-
- After receiving the first OTP, if for some reason you are unable to use it and if you are again asking for OTP then Your second one-time password is not considered more secure than the first one.
- One Time Password only works for a specified time frame, which is sometimes good for us and sometimes bad. Its time limit puts us in a problem.
- There are many banks in which if you have to transfer money online, then you have to resort to One Time Password, which is not considered to be safe to a great extent.
OTP Full Form?, What is a One-Time Password?, and How does it work? I tried to explain everything in this post. Do you like this information? Comment us below. If you have any questions, you can contact us too. I will try to reply to you as soon as possible.