What are one-time passwords and their pros and cons?

Introduction

When you go on a vacation, you’re probably extremely vigilant with the security of your home. You lock all the windows and doors, and even activate the security camera if you have one installed. After all, you can’t be too careful.

But how vigilant are you when it comes to securing your digital accounts? Do you take steps to create complex passwords? Do you store them in a folder that’s only known to you? Even if you do, isn’t it possible for a hacker to remotely access your system and cause all kinds of harm? Unfortunately, many people need to take cybersecurity more seriously.

As the number of people using the internet to shop, learn, earn and socialize increases, it’s no longer enough to rely on complex passwords to keep intruders at bay. Businesses that store people’s information (banks, ecommerce firms, social media companies and so on) have realized this, which has led them to take extra measures to prevent fraudulent activities and improve account security.

One increasingly popular measure is the use of one-time passwords, which provide an additional level of security by generating a PIN code that’s valid for just one login session or transaction. How exactly does it help? Let’s take a closer look.

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How does a one-time password work?

A one-time password (OTP) is sent to the mobile device of the person who wants to log into his/her digital account. It helps in verifying his/her identity and should be used within a specific period. As soon as the OTP enables access to the account, its validity comes to an end. Since the password (a four or six-digit numerical PIN code in most instances) can be entered just once, it’s not as risky as static passwords that can be used a second time.

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