In the digital era today, exchanging information has become a lot easier and more convenient. It is, however, undeniable that this new lifestyle poses a threat to our lives. The OTP is one of the features to avoid account/application misuse or online transaction misuse by others.
Today, all financial transactions are conducted over the internet. It is no surprise if OTP is the most commonly used security measure when conducting a transaction. Now that shopping, sales, and other exchanges are facilitated by online digital platforms.
Not only that, there has been significant development of internet technology in the banking systems. Now, banks are working with digital channels to improve ease of transaction. At BCA, we present the BCA mobile as a mobile banking app, myBCA as a digital platform to access all accounts or quick transaction features such as OneKlik.
Read related articles: Scams on behalf of OneKlik
One of the preventive features often found on similar digital channels is OTPs, or One-Time Passwords. OTP is a password that can only be used once and is usually delivered to a user through an SMS-based text message.
OTP is 2FA (Two-Factor Authentication)
OTP is a form of two-factor authentication. 2FA is a security measure to access a channel or conduct online transactions in which a user must authenticate through two different accounts or devices. As financial data security, OTPs prevent data leaks and protects users from hacks or online transaction misuse by others.
OTPs are usually sent via SMS. Other forms of 2FA include links, fill-out columns, codes, or even biometric scans that can be delivered to an email or using special software. However, looking at all transactions from the public, who mostly use mobile banking, SMS OTP is the most frequently used method.
OTPs are often targeted by fraudsters aiming to break into the victim’s account/credit card. Hence, the OTP confidentiality. Don’t be fooled by fraudulent attempts that falsely advertise the OTP codes as a promo code, annual fee waiver code, etc.
Read related articles: Beware of Fake Telemarketing Asking for OTP Code
Knowing the Benefits of OTP in Transactions
As mentioned earlier, OTPs become an authentication and confirmation measure that prevents users from the danger of fraud. It is because OTPs protect the privacy of data registered on a digital channel. Not only that, OTP is also a form of validation when a user/cardholder conduct an online transition, in which the OTP is confidential and private.
Read also: Tips Username, Safe Password and PIN
Using a random algorithm and timing, OTPs can narrow the time and loopholes for hackers to access and take over personal accounts or accounts of a company. Therefore, OTPs become a method that can compensate for the sophistication and speed of an instant transaction.
OTP Features
Currently, OTP is still a mainstay of payment security for online transactions. The noteworthy point here is to maintain the confidentiality of the OTPs. If it falls into the hands of fraudsters, they can use the OTPs that may cause losses to the cardholders. That’s why it is important for users to understand the characteristics of an authentic OTP.
- One Time Use
Unlike password or PIN codes, the OTP is a dynamic random code generated by the operator for the customer, which can only be used once.
- Short Active Period
OTP is a password with a short active period that will expire with the time specified by the operator. For this reason, when conducting a transaction using mobile banking or shopping at a marketplace, the OTP sent to you must be used immediately.
- Delivered through Personal Device
A phone number is usually registered with a banking account such as mobile banking. With that, OTP is a password that will only be delivered to one number or device that has been registered with said channel.
- OTP Must Be Kept Confidential
OTP is used as a passcode to settle an online transaction/register on digital apps and must there be kept confidential. Your data is your secret. Many fraudsters are trying to contact cardholders or using fake links, which direct cardholders to provide confidential data such as OTP, credit card number, exp. Date, and CVV.
As a customer of digital banking, now you know a preventive measure that can protect you from potential fraud. Bear in mind that we cannot solely rely on these features, you must not share the OTP and other personal data with others, especially with those who claim to be a BCA Customer Service agent, telemarketing agent, or a stranger who pretends to know you. To get the latest information about BCA, you can follow BCA’s official accounts or contact Halo BCA at 1500888 if you suspect fraud.
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