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    Thread: What Is OTP(One Time Password) why is it used for financial transactions?

    1. #21 Collapse Post
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      One Time Password is used for confirmation for the online transaction that we are using, there are benefits to this because we know that using the password for something that would make us better in doing online transactions are important, there is threat that we consistently face whenever we login to the platform for banking, and as we expect there would always be people that are watching the transaction in the bank and waiting for someone that does not have good passwords for protecting their trading account, when you want to complete a transaction online and be sure that you are safe, this platform can be applied to ensure things work well for you. One time password makes the transaction safer because you will be able to understand different things that are happening. Use this for your own benefits.


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    3. #22 Collapse Post
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      An OTP (One Time Password), is a system that is put in place each time a financial transaction is done or about to be done from our bank account. The way an OTP works is by sending a code (mostly digits) to the number or email address attached to the bank account in order to verify that the transaction that is about to be performed is from an authenticated source. And when the numbers or code sent are provided, the transaction continues. Meanwhile, the major reason this system is initiated is to protect financial transactions from fraud and unauthorized users who might cunningly have access to our credit cards or account details. Thus, in situations like this, receiving an OTP quickly alerts us that something is wrong and actions need to be taken to prevent our accounts.


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    5. #23 Collapse Post
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      OTP which means One Time Password is the password that we have generated in order to add an extra security to your online banking transaction, this is very important that you cannot avoid it, if you want to a transaction with your VISA card or Master card whether it is debit card or credit card as the case may be, it is always a requirement that the transaction must be completed with the One time password, thus we cancel the transaction when it was not generated by us by contacting our bank and telling them that our account has been hacked by people with unauthorized access, therefore the application of the one time password is a recommendation that nobody that is doing something important online with their bank account can prevent.


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      As long as we are doing anything online that involves money, there is always a need for us to consider the security of our money because we have people that are active in the cyberspace simply because they are looking for access to people's accounts that don't have enough security, unfortunately there are many people who have chosen not to protect their accounts which makes hacking very easy for those individuals that have been monitoring them, unfortunately it is clear that people who don't understand the one time password should not even do any online transactions because they stand the risk of losing any thing they have placed in their bank account. The One Time Password is what can set up our account with right security.


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      This is an SMS verification to make sure that the person that is doing the transaction is the real owner, without the use of the one time password. This will provide the person with the opportunity to understand that he is the one in charge of the account that is being transacted, using this One Time Password gives us the reason why we need to keep our accounts under strict control. This is essentially necessary because you can have different challenges when there is nothing serious about, if you actually want something good for yourself in the financial transaction world, please if you just need to feel anything on the assumption we want to take anything seriously, using the one time password would held you to know if whatever is happening makes sense so that you at secure yourself from anything that is seen to be unpleasant.


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      one time password popularly known as an OTP is a form code which are use to access debit or credit cards online, There are a number of ways the one-time passwords are delivered, the pins with the two most common and secure ways being through proprietary tokens and mobile phones. Using mobile phones for delivering OTP's come as a logical step due to mobile phones being ubiquitous and that most of them meet hardware requirements needed to successfully deal with OTP's. with the help of otp, credit card are much more safer from the third party access, because before a transaction can be done on credit card an otp will be send to the owner phone.


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    11. #27 Collapse Post
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      Well hello to all my trader friends hope so all will be in great health.According to my opinion,OTP (One Time Password) is one of the most common methods brands use to decrease the risk level. OTP is the abbreviation for One Time Password. It is the one session or transaction long password only valid for being used once.

      ---------- Post added at 03:56 PM ---------- Previous post was at 03:54 PM ----------

      OTP is the abbreviation for One Time Password. It is the one session or transaction long password only valid for being used once. Imagine logging in to your online banking account, the bank requests you to enter the password sent instantly via an SMS. After you enter the correct personal info and one-time password, you log in successfully. Thus, an extra layer of security minimizes the risk of intruding.

      Along with security reasons, brands use OTPs for marketing aims as well. It is also a practical way of sending hyper-personalized messages to users or subscribers for instant campaigns.

      ---------- Post added at 03:56 PM ---------- Previous post was at 03:56 PM ----------

      A one-time password (OTP), also known as one-time pin or dynamic password, is a password that is valid for only one login session or transaction, on a computer system or other digital device. OTPs avoid a number of shortcomings that are associated with traditional (static) password-based authentication; a number of implementations also incorporate two-factor authentication by ensuring that the one-time password requires access to something a person has (such as a small keyring fob device with the OTP calculator built into it, or a smartcard or specific cellphone) as well as something a person knows (such as a PIN).


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      A one-time password is refer to as dynamic password which is a password that is a formula or system such that it evaluates to true regardless of the input values for only one login sequence of interactions between client and server or transaction on a system for computing or other digital device. It try to get rid of a number of inadequacy or incompleteness which are associated with traditional unchanging password based authentication; a number of process of moving an idea from concept to reality as well incorporate two factor which validates the authenticity by ensuring that the one-time password demand access to something a person has such as a small set of data holding linked encryption keys like a short chain connect device with the OTP calculator built into it or a plastic card that has information stored on a computer chip or specific cellphone as well as something a person knows such as a PIN.
      A potential intruder who succeed at an attempt to record an one-time password which was already used to log into a service or to conduct a transaction will not be able to misuse it, since it will not any more be valid. One who uses or makes use of the same or similar password for more than one systems is not made more or most likely to be exposed to the chance of being attacked or harmed, either physically or emotionally on all of them and assuming the password for one of these is acquire by an attacker. A number of OTP systems as well design to ensure that a session cannot comfortably be comprehend between or to assume the identity without knowledge of unable to be predicted data design during the previous session, as a result of reducing the attack for information to become known to help forward.


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