You wish to pay-back your friend for lunch and you go online to transfer the amount to his bank account. A message with a unique generated secure PIN is sent to your digital device. You are required to key in the PIN in order for that transaction to be successful. You go through the same process when you pay your bills online. Or when you book a movie. Or when you login a secure site.

These unique generated secure PINs are known as One-Time Password (OTP). But do you know how OTP works?
 

What is OTP?

OTP is part of the Two-Factor Authentication (2FA), a method of confirming users' claimed identities by using a combination of two different factors, such as the unique generated secure PIN sent to your digital device. 2FA adds an extra layer of security in an online platform or transaction to make it harder for an attacker to perform fraud.
 

Why is OTP important?

Most online platforms require only a username and password to login to their system to gain access to personal data and sensitive information. However, it isn’t completely secure because identity theft is rampant and an attacker can steal your identity via multiple methods such as phishing, brute force or keylogger.

Photo: Mr. Raymond Mah, Manager, Trusted Solutions, Innovation Development, MACROKIOSK

As Mr. Raymond Mah (Manager, Trusted Solutions, Innovation Development) at MACROKIOSK explains, “Two-factor authentication such as one-time password acts as a second line of defence when dealing with fraud attack. With 2FA implemented, it is harder for an attacker to penetrate the system and in return, it deters the possibility of an attack.”

OTP is proven useful and effective in preventing identity theft as the unique generated secure PIN sent to your digital device is only valid for a single use. Think of it as having a combination lock that requires a new set of codes every time you want to unlock it.

Who needs OTP?

Everyone that embraces the digital engagements. OTP is especially important for businesses with an online platform or individuals with an online account. It is typically used for new account creations or to verify/authenticate digital identities. Major digital/online platforms providers, such as e-commerce, payments, social medias and content providers are incorporating OTP as part of its security measures.

How do I generate OTP?

There are several ways to generate OTP. One of them is a hardware device known as OTP token which can generate one-time passwords, where the authentication server will validate the one-time password together with a username and password. This method may often be an expensive and rigid solution to deploy.

Offering a more secure, convenient and cost-effective option is MACROKIOSK’s BOLD.Key solution. Enterprises who engage BOLD.Key need not worry about the mechanics of setting up or investing heavily in hardware to generate OTPs. Furthermore, BOLD.Key is extremely practical and scalable for multiple applications, including:

•    New Account Registration:

     To register and verify new users identity with unique OTPs.

•    Password Reset:

     To help users reactivate their accounts in the event they forgotten their login
     details.

•    Mobile Ticketing:

     To generate unique OTPs that can be used as online tickets for events.

•    Verify Online Transactions:

     To ensure the right package is delivered to the right customer.

•    Identity Confirmation/Authentication:

     To generate and send unique OTP to users when they login to their account
     using a new device.
 

Interested to know more about BOLD.Key, Please contact us now and we will have our business consultant to provide you with more insights and potential secure usages.

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