What is OTP? There are several types? What to do? 4 notes when using OTP

Those who regularly transact online payment services or transact with a bank card account will often be asked to enter an OTP code. So what exactly is OTP? There are several types? What to do? What should I pay attention to when using OTP? All questions will be clarified through the article below!

1. What is OTP? What to do

OTP ( One Time Password - one-time password) is a sequence of characters or numbers created by the bank and sent to the user's phone number to confirm the transaction.

The OTP is usually used only once and cannot be used for any other transaction. In addition, OTP codes are usually valid in a very short time (about 30 seconds to 2 minutes).

Typically, OTP is used as a 2-layer security to confirm transactions, especially banking transactions. Using OTP to confirm transactions will help improve the security of online payment services and electronic banking services. In addition, OTP also helps to reduce and prevent the risk of hackers or account information disclosure, so that users feel much more secure.

2. 3 common types of OTP

Currently, OTP includes 3 common types:

- SMS OTP

This is a popular type of OTP of many banks in Vietnam. You will receive a text message sending your bank's OTP to your registered phone number.

For example: When you confirm your online payment transaction via your domestic ATM card, you need to enter the OTP code sent to your phone to complete.

- Token

Is an electronic device that you will be issued with when opening a payment account at the bank. Unlike SMS OTP, you can still use Token codes while not connected to the network. Currently, many banking services provide Token security, but to use this service, you have to pay an additional fee to make a Token machine.

- Smart OTP

The OTP generator application is installed on both Android and iOS operating systems . To use, you need to register and activate your account, Smart OTP works similar to Token.

3. 4 notes when using OTP

The OTP code is the last and most important layer of security. So when using OTP you need to pay attention to the following to avoid risks:

- Double check the amount and recipient information before entering the OTP to confirm the transaction.

- You should set up a password for the phone you register to receive the OTP code to avoid in case someone else can get the OTP from the phone for malicious purposes.

Change your password regularly to improve the security of your account.

- Please contact your bank to temporarily lock the SMS OTP feature when your phone is lost.

4. How to get OTP code

If you want to make an online money transfer transaction using Internet Banking, you must enter the account name and password registered with the bank, then fill in all transaction information including: Money transfer method, amount of money transfer, ... The bank will ask you to check again and to get the OTP, click Get OTP.

After a few minutes, a code with a 4 to 6 character number will be sent to your registered phone number by the bank. Now, you just need to enter the OTP code to complete the transaction.

In addition, when entering payment information online using credit or debit card, the OTP will also be sent to your phone.

See more:

>>> What is QR Code? What to do? How to create QR codes quickly and simply

>>> What is IoT? What applications are there in the present and in the future?

Above are the shared information about OTP codes, 3 common types of OTP, notes when using OTP and how to get useful OTP codes for readers. Thanks for watching!