A One-time password is an automatically generated numeric or alphanumeric string of characters which authenticates the user for one trade or login session.An OTP is More secure than a static password, particularly a user-created password, which is weak and/or reused across multiple accounts. OTPs can replace authentication login information or could be utilised in addition to it so as to add another layer of security.OTP security tokens may be implemented with hardware, software or on demand. Unlike traditional passwords which stay static or die every 30 to 60 days, the one-time password is used for a single transaction or login session.When an Unauthenticated user attempts to access a system or execute a trade on a device, an authentication manager on the network server creates a number or shared key, using one-time password calculations. The identical amount and algorithm are used by the security token on the intelligent card or device to match and confirm the one-time user and password.
Many Businesses use Short Message Service SMS to offer a temporary passcode through text to get another authentication element. The temporary passcode is obtained out of band through cell phone communications after the user enters his username and password on networked information systems and transaction-oriented web software.For two-factor Authentication 2FA, the user enters his user ID, conventional temporary and password passcode to access the system or account.In OTP-based Authentication procedures, the user’s OTP program and the authentication server rely on shared keys. Values for one-time passwords are created using the Hashed Message Authentication Code HMAC algorithm and a moving variable, such as time-based information TOTP or an event counter HOTP. The OTP values have second or minute timestamps for increased security. The one-time password could be sent to a user via several stations, such as an SMS-based text message, an email or a dedicated program on the endpoint.
Security Professionals have been concerned that otp service message spoofing and man-in-the-middle MITM attacks may be used to violate 2FA systems that rely on one-time passwords. However, the U.S. National Institute of Standards and Technology NIST announced plans to deprecate the use of SMS for 2FA and one-time passwords, since the approach is vulnerable to a range of attacks that could compromise those codes and passwords. Because of this, enterprises considering deployment of one-time passwords must research other delivery methods apart from SMS.The one-time password avoids common pitfalls that IT administrators and security Managers confront password security. They do not have to worry about Composition principles, known-bad and weak passwords, sharing of credentials or reuse of the same password on multiple systems and accounts. Another advantage of One-time passwords is they become invalid in moments, which prevents Attackers from obtaining the key codes and reusing them.