Benefits for implementing an OTP system

Benefits for implementing an OTP system

Digital transformation and the associated risks

OTP_SMS

The purchasing process has changed in recent years. Nowadays and each time more, people buy and pay for the products in a digital way.

The world is becoming more and more digital, COVID-19 has also given a great boost to this digital transformation and we are increasingly connected to the Internet, whether at work or at home, on all kinds of devices and therefore companies and users are more exposed to fraud. For example: identity/personal data theft and credit card data theft when paying for a product/service.

The importance of having a system that helps to block this type of fraud is central in our times.

What is the One Time Password (OTP)?

One Time Password (OTP), is an authentication system that can be applied whenever a login or secure access is required using a unique password.

Imagine the following example where a user wants to pay for a product by credit card, with an OTP system this user will receive an SMS with a code (token) to insert it in the site, or application, for the transaction to be approved. This ensures the ownership and guarantees that the operation is carried out by the person himself.

The purpose is to create a security barrier against identity/personal theft on the Internet. Companies like Google, Facebook and a wide range of online banking systems already use this technology. We reinforce that this system through SMS is recommended for all companies that want to increase the security of their customers’ accounts.

Benefits of the OTP system:

  • Fraud blocking: The OTP authentication offers several advantages over the exclusive use of static passwords. Due to their unique use nature, “OTPs” tokens have the potential to protect for example access, that even in case of a fraudster capturing a password, it´s not possible, they cannot reuse it in a second attempt. A user who was the victim of a phishing or malware scam that captures the typed keys would still be protected. The information would remain protected from conventional password theft methods.
  • Robot Blocking: This system is also very useful in blocking robots that generate automatic profiles and perform persistence tests to circumvent the validation of tests such as CAPTCHA (“Completely Automated Public Turing test to tell Computers and Humans Apart”).
  • Tokens – personal codes: Another advantage is that the codes are unique and become invalid within minutes, which prevents attackers from obtaining the secret codes and reusing them. OTP tokens are also often generated with random algorithms. This guarantees the authenticity of the user, increases the efficiency of transactions and prevents theft attempts.
  • Two-factor authentication system – 2FA: This type of two-factor authentication, as the name itself indicates, requires two forms of authentication, i.e. two forms of validation for the user to access an online account. These two factors usually include a password (previously defined by the user) and another code sent to the user – OTP, which is generated automatically to reinforce security and is personal and temporary in nature.

What is Go4Mobility’s competitive advantage in the OTP systems?

Go4Mobility offers reliable and specific routes to send “OTP” tokens. Through our API, the integration is easy and can be fully customized according to security requirements and required use cases.

Additionally, we offer a turnkey solution with the generation of the tokens and their sending

With us you can protect the identity of your customers around the world:

  • Worldwide data protection
  • Scalable Authentication
  • API easy integration
  • Priority on high delivery
  • Technical support

How does authentication work?

Simplicity for your customer, productivity for your company, security at the highest level for both. See what the flow of an OTP system is like:

OTP_SYSTEM

Interested? Book a meeting with our experts

Book now an appointment with our experts: marketing@go4mobility.com

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