OTPs are normally sent through text messages to verify money transfer requests or requests to change/update bank account information. Although OTP helps to secure one’s bank account, it also comes with a certain level of risks and inconvenience. This is the reason why iOTP is applied and used at Timo so customers can be more assured of the security of their bank accounts.
OTP (one time password) is a type of password that is valid for only one use to verify transactions made from one’s bank account. OTP is an automatically generated numeric or alphanumeric string of characters that is sent to your registered mobile number. This is the final security step to allow money in your account to be transfered. OTP will be automatically disabled after 30 seconds to 2 minutes in order to avoid information theft from hackers or disclosure of information.
1. Current issues with OTP
Although OTPs are usually disabled after a short amount of time, there is still a high possibility of OTPs being stolen by hackers. This can directly affect your personal information, account and other “assets” that you have in your bank account. The only way to avoid this from happening is to protect your phone from viruses and hackers.
Receiving OTP via text messages also means that you are dependent on your chosen network provider. This can be a major inconvenience for those who often travel abroad or to places outside the coverage area of their network provider.
2. iOTP – An upgraded version of OTP
As an upgraded version of OTP, iOTP still retains its essence of a one time password but is activated on the digital banking platform. Besides the usual benefits of a one time password, iOTP comes with the following strengths:
- High-level safety: As iOTP is displayed on the app, this will help to avoid information theft through text messages. In particular, when using Timo’s iOTP, safety is enhanced with more security steps, such as: required login information/fingerprint, quick code, etc.
- Smart and convenient: Even when you are out of your network coverage or travelling abroad without a SIM card, you can still easily transfer money with iOTP. iOTP is usually displayed clearly in the app, instead of in the form of tiny characters in message pop-up windows. This makes it easier for users to verify their transactions as they can copy and enter their iOTP on the same screen instead of having to exit the app, check their messages, memorize the OTP and log in to the app again.
In comparison with the usual OTP, iOTP is just a simple upgrade but can bring more safety to your bank account and convenience to your daily life.
Join Timo today to enjoy all these benefits brought from iOTP and a free-fee banking experience. Find out more here.