What is OTP verification?
OTP stands for one-time password. It is an automatically generated combination of numbers or numbers and letters. Users usually receive it via text message to their phone or email. OTPs can also be generated using physical RSA devices. OTPs have limited life time and usually expire within 5 to 15 minutes. However, there are OTPs that can be printed for later use. The key benefit of OTP is that it can be used only once. Therefore it is more secure than using a regular password. Most often OTP is used for 2-factor authentication. In banking OTP is used for single operations that have high risk. For example, sending money using wire transfer, changing PIN etc. Overall OTP is a very useful technology that makes our life more secure.