OTP Full Form: What Does OTP Mean?

What is the full form of OTP or OTP Meaning? For people who often use online payment services or conduct online transactions, OTP is a familiar term.

This is also an important factor to make your online payment safer and more secure.

For first-time online users, you will want to know what kind of code OTP is, it is similar to an account password, and how to obtain OTP?

Let’s virtual currency blog to find more information about the OTP code below this article!

What Does OTP Mean?

OTP code is an abbreviation of “one-time password“. This means a one-time password.

This is a combination of numbers, character sequences or randomly generated numbers and letters sent by a bank or financial institution via SMS, and sent via email to confirm your online transaction. The last time before the bank deduction.

According to its meaning, One Time Password is used only once in a single transaction.

Due to security factors, the life cycle of the One Time Password code is also very short, lasting only 30 seconds to 2 minutes. After this time, the code will no longer be valid.

The task of “One Time Password” is to protect two layers. In addition to the password layer registered when using the account, to execute the transaction, you also need to enter the OTP code for identity verification.

If your payment account is exposed or your password is hacked, this will ensure the security of your account.

If you lose your account or password, the scammer will not be able to trade because there is no One Time Password. Therefore, the One Time Password code is very important and you need to be very careful.

What is OTP Two Step verification?

Online security and data protection are very important in this age and have become the top priority of digital business. Using two-factor authentication as an additional security guarantee to plug the loopholes in the standard password will help protect your company and company information. 

One-time password is a simple and reliable two-step verification method, which can be used as a second level of identity verification. 

The establishment of authentication functions other than the user name and password can help greatly reduce the risk of fraud. Every single user, and every single login on any digital device, has a unique OTP message.

OTP One Time Password SMS

The SMS reaches 98% open rate within 30 seconds, which is known for its stability and reliability. By sending a one-time password via SMS, you can ensure access to users all over the world.

Even if users cannot connect to the Internet, they can still use multi-factor authentication schemes.

1. Number verification
2. Send messages quickly and reliably
3. Send message from local phone number

Types of OTP codes are very common today

1. SMS OTP
2. KEY CARD
3. SMART OTP SMART TOKEN

Currently, One Time Password codes are provided in 3 main forms. include:

1.SMS OTP

This is the most popular form of One Time Password code delivery today. The OTP code will be sent to the registered phone number via SMS.

To make a transaction, you need to enter the “One Time Password code” sent to the registered phone number. Most banks in Vietnam now use One Time Password codes in this form.

Not only does the bank use this method, but the world’s large technology companies such as Google and Facebook also use this method to create a second layer of security for your account. This layer of protection will be displayed when any unknown activity is detected in your account.

One limitation of SMS OTP is that users cannot use it in places where there is no mobile signal or abroad. At the same time, other forms of One Time Password will be used.

2.Key card (key card)

The device can help generate OTP codes, and can automatically generate codes every minute without connecting to the Internet. Each account needs to register a separate Tokey key for each account, and after a specified time, the bank will exchange your Tokey key.

This is a portable device with a compact structure, so it can be carried with you. However, you must be careful because it is easy to lose.

3.Smart OTP Smart Token

This is considered a perfect combination of SMS One Time Password and token key. Smart OTP is integrated with smartphone applications. When a transaction request occurs, the smart OTP will be sent to the application.

Currently, in Vietnam, banks such as Vietcombank and TPBank are using Smart One Time Password in parallel with SMS OTP for identity verification. In addition, Google also applies intelligent OTP and create your own application called Google Authenticator’s.

Use smart One Time Password user need to register at the bank or service provider. In addition, multiple devices cannot share the application that generates One Time Password code.

Why protect OTP code carefully?

Because this is the last layer of security, you need to carefully protect the One Time Password code before confirming the payment.

Currently, the OTP code is mainly used as SMS OTP, so you need to set a password for the phone to prevent scammers from exploiting the vulnerability to obtain the One Time Password code from the phone. A password must also be set for the application.

If you lose your phone or card, you need to call the customer service center or service department to lock the card or account immediately. This will ensure the security of your account.

The One Time Password code is regarded as the second layer of security protection for your account. With this layer of security, you can rest assured that your activities will be protected.

However, it is difficult to avoid leaks of One Time Password code, so you must carefully protect this password layer. Is there any way to issue a one time password and how long will it be valid after issuance?

There are 3 ways to issue OTP:

1. Use OTP App
2. Use Email Address
3. Use OTP Emergency Token

1.Use OTP App

You can generate a set of OTP verification codes with your smartphone or device. If you use the “OTP App” on your phone, you can generate a set of OTP verification codes. This application can generate a set of random 6-digit numbers, and it will be valid within 2 minutes and 30 seconds after the issuance.

OTP Application: Google Authentication System for Android.

2.Use Email address

HENNGE Access Control can also send an Email to the user’s login mailbox through the system to notify the user of the OTP of the one-time password. This application can generate a set of random 6-digit numbers, and it will be valid within 2 minutes and 30 seconds after the issuance.

The following setting steps 1 and 2 can be referred to here: HENNGE Access Control user console Guide.

3.Use OTP Emergency Token

Only the administrator can use the “OTP Emergency Token“. The administrator’s “OTP Emergency Token” can be obtained from the administrator’s background and distributed to users who are temporarily unable to obtain it or have not set up OTP. It can only be used once, and the expiration date is invalid.

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