Categories
General

One-Time Password Service Is Extremely Important

Fraudsters are getting smarter these days. Despite our best efforts, newer, more sophisticated phishing techniques can victimize even the most vigilant if we are not careful enough. While financial institutions such as BPI use state-of-the-art technology to ensure the security of customer data, security remains a shared responsibility.For Example, among BPI’s security attributes is the One-Time PIN, a distinctive 6-digit password sent to your registered phone to make certain that a monetary transaction done via phone or internet banking is truly authorized by you.It gives you an extra layer of Security as BPI is only going to send the OTP into the phone linked to your accounts. Provided that you have your phone with you and you keep your OTP to yourself, fraudsters cannot finish any financial transaction using your accounts.

What is even better is that your OTP expires in 5 minutes, so if it is not used within that time period, it will become invalid, requiring a fresh one to complete a transaction.The Same as regular PINs, you Must maintain your OTP private. Otherwise, you give fraudsters the chance to carry out unauthorized transactions using your accounts. Some scammers pretend they are bank employees and call customers to ask your otp service. Do not fall for it!In Terms of BPI, their version is to Never request your OTP and other account information through embedded forms, email links, calls, SMS or social websites. If you get a call or email requesting you to offer any confidential information, don’t engage. Instantly alter your online banking password and report the incident to 89-100.

Hard tokens as in hardware are physical Devices that transmit OTPs, helping users get access to accounts and other tools. Hard tokens broadly comprise: Connected trademarks: Users join these tokens into the device or system they are trying to access. Wise cards and USB drives are inserted into a device’s smart card reader and USB port, respectively. Disconnected tokens: The most often used token for multi-factor authentication MFA. While users don’t need to physically fit these tokens, disconnected tokens typically generate OTPs for users to input. Pocket-size important fobs, keyless entry systems, cellular phones, and banking security apparatus are a few examples of this in action. These tokens transmit authentication information to a system, which assesses the data and determines whether the user has access rights. Bluetooth tokens are an example of contactless transmission, without the need for physical connections or manual input.