Why Businesses Use an OTP Verification Service

 

Two-factor authentication (2FA) has become a norm in the contemporary marketplace. In addition to banks, companies of many other types are using SMS gateway service to send OTPs for varied verification/authorization purposes. You may need to re-authenticate yourself using SMS OTP verification while log in into your email, e-wallets, streaming platforms, social media accounts and more, while using a new device.

OTP or One Time Password is a temporary authentication code that is sent to the registered mobile number of the user. As the user makes an online transaction or logs into an app, the system will automatically generate and Send OTP SMS. The users will have to enter the correct OTP within the stipulated time frame to transact or log in. This will prevent fraudulent transactions or unauthorized use.  This user verification process can help your business to prevent fraud and protect your customers from the abuse/misuse of their information.

 In the current environment, instances of hacking of online applications and websites are increasing every passing day. Theft of confidential information like PINs and passwords has also become more common. Using 2FA like SMS OTP verification can help add an extra layer of security to protect your customers and business.

OTPs aid your company to protect both customer data and digital transactions by overcoming the shortcomings associated with PINs or static passwords.  Owing to the to-guess nature of user-generated, static passwords, it becomes simpler for cybercriminals to execute security attacks like dictionary attacks and password sniffing. However, it is extremely difficult to guess OTPs by using mathematical algorithms, which makes it much safer. The algorithm used to create OTPs generates temporary passwords at random by combining alphanumeric or numeric characters. You can contact a good SMS Service Provider for Businesses to avail OTP solutions.

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