What is the Full Form of OTP?

The full form of OTP is One-time Password. In this fast-paced economy where online scams are becoming more common than ever, strengthening your security online has become more than a necessity. This is where OTP steps in. As the full form suggests, OTP is a unique and temporary code that is used to authenticate financial transactions. It is generally of four to six digits and is sent to the user’s phone number or email address. 

Also Read: What is the Full Form of FnF?

What is the Importance of OTP? 

As mentioned earlier, OTPs play a crucial role in safeguarding our sensitive information. Here are the other advantages of OTP:

• OTPs build a sense of trust and security among users to confidently make use of digital platforms. 
• It can curb fraudulent activities and make users aware of any potential risks associated with their transactions. 
• OTPs enhance overall security by adding additional layers of safety even if a malicious entity obtains your login credentials. 

Also Read: What is the Full Form of PIN?

How does an OTP Work?

OTP is also commonly known as two-factor authentication. It utilizes algorithms that automatically generate random codes which are limited for a limited period of time. Interestingly, there are different ways of doing so, including:

• SMS-based OTP: This method sends the OTP to the user’s registered mobile number via SMS. 
• Time-based OTP (TOTP): It generates OTP at specific fixed intervals usually every 30-60 seconds. 
• HMAC-based OTP (HOTP): In this method, the OTP is generated by simply sharing the code and counter value. The user device as well as the server saves the counter value.

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