Why is OTP important for e-Payment transactions?

Why is OTP important for e-Payment transactions?

What is OTP?

The OTP code, or One Time Password, is created by the system for security in internet transactions by sending it as an email, SMS, or sending it to the application to verify the ownership of the account. Most of them are 6-digit numbers or letters with a very short duration of just a few minutes. If you enter the wrong code or enter it later than the specified time, the login will not be successful.

Therefore, with the OTP code changing all the time, has a short duration and can be used once Thus, it can create security for accessing the account. or online transactions.

Why use OTP?

  • to verify your identity before using the service The financial operations, be it logging into e-Wallet banking systems, transferring/paying payments, and logging in to credit card systems, all require security, so the OTP will verify the user’s identity as the owner. real account by sending the code to the number or e-mail registered with that company.

  • Prevent stealing and hacking into the system. It can be used only once and for a limited time. It is very difficult to reuse or be hacked.

  • For the benefit of users Many people often have problems remembering the password for each system. If you use OTP, you don’t have to sit down and remember the password anymore because each login will get a new OTP. It’s much easier. Many people may have encountered the problem of forgetting the password or setting the same password for every app. If you set it differently for every app, it would be a headache, so using OTP or One-Time Password is a choice, both in terms of security and convenience.

How to prevent being tricked into asking for an OTP number?

    • Don’t be fooled by links attached to SMS messages, emails, websites or social media. or chat program and do not open attached links.
    • Do not disclose personal information through any form of request. If you are not sure about the service channel, contact the service provider in person.
    • Choose to use the notification service in the mobile banking app to monitor account movements at all times.
    • In the event of trusting and revealing the information or password, please contact the service provider bank to change the password immediately.

Another popular format is email OTP.

An Email OTP is a set of one-time passwords generated by the system to secure internet transactions. It will be received through the email that has been registered. When we want to make a transaction Whether it’s paying, transferring money, viewing financial accounts online. The system will send an OTP code to the email and the customer can copy the code and enter it for verification. Although email OTP is not as popular as SMS OTP, it is still used by many businesses. Or sometimes we will find that some authentication is available by sending an OTP code to a phone number (SMS) or via email, which is also convenient for customers.

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