OTP Meaning | Uses Of OTP | Why We Need OTP For Security Pdf

OTP Meaning | Uses Of OTP | Why We Need OTP For Security Pdf – In today’s digital world, most of the work has gone online, whether it is mobile recharge or withdrawal from ATMs. Most of the work is now being done online and OTP are being used especially in money matters to enhance their security. You must have used OTP at some point or the other whenit comes to money transactions. Especially when online transactions are concerned about security, everyone here is worried about security because it is as easy as transferring money online, and it is important to be concerned about safety. But now if you make any transaction, you are given the option to OTP as an extra security which can prevent fluid to a great extent.

In this case, you should know  OTP is also used for account verification like you create an account in a website or app. So you are sent a One Time Password to your mobile to verify which your account is created after entering.

OTP Meaning | Uses Of OTP | Why We Need OTP For Security Pdf

What is OTP ? : OTP Meaning

  • OTP Means One Time Password full form OTP is also your password in a way but this code is generated only once in a while.
  • Whenever you make an online transaction, a 6 digit code called OTP is sent to your register mobile.
  • A new OTP is sent by the system in each transaction.
  • This means that every time you transact, you will see a OTP of new points.
  • One Time Password its name means that it is a one-time password sent to your register mobile or to your email ID.
  • It is not limited to banks only it is used in Google accounts, Amazon, Flipkart and many websites, apps.

Why One Time Password is necessary ?

  • Whenever we create an account on a website or app, most people create an easy username and password.
  • Like often people make their date of birth or mobile number their password and that is their biggest mistake.
  • Because hackers target accounts with such easy usernames and passwords.
  • In many cases it happens as if someone you know already knows your username and password.
  • In this case, he can easily access your account and take advantage of it.
  • To solve the same problem, all banks, e-commerce websites, online payment wallets have started using OTP.
  • Without this, you can neither reset the main password nor make any online transactions of money.

OTP Meaning : Use of One Time Password

  • The best part about this OTP is that the OTP code sent from the system to the mobile can be used only once and remains valid for a while.
  • If this code is not used within its time, it is of no use.
  • In every transaction, a new OTP is sent by the system to your mobile.
  • That is, all the online transactions we make will have different OTP, making your account even safer.
  • If someone finds out the username and password of your account, he will not be able to take advantage of your account.
  • Because full access to the account requires OTP which only comes to your mobile.

Where Is One Time Password Used ?

  • Today, almost all banks have started the process of OTP for online money transactions.
  • You even have to enter One Time Password when you withdraw more than 10,000 money at ATM.
  • This will prevent anyone from misusing your card and PIN even if they know it.
  • Google has also started sending OTP to protect its user’s account.
  • If you activate it, no one will be able to access your account without you because Google sends One Time Password to your mobile to log in to the account which you will only know.
  • Apart from all this, e commerce companies like Amazon, Flipkart, Snapdeal, Ebay and all online payment wallets like Paytm, Jio Money, Phonepe, Freecharge etc. send OTP to your register mobile number on payment.
  • Thus OTP has become an important process in the online world.

What are the Benefits of One Time Password

  • It is a type of security code that protects your account even when passwords and usernames are stolen.
  • This leads to authentication of the actual user of the account.
  • It provides double security such as some people’s social media accounts are hacked nowadays but if they enable the otp feature in their account login. So only they can log in to their account.
  • You don’t need to pay any fee for OTP is free at once.
  • This is the fastest way to identify your original user.

Visit Official Website Of RBI for More Information – RBI Pdf 




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