How Safe Are One-Time Passwords (OTP’s)?

Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:

  • Mr. Ajay B Panicker, CEO & Founder, NetPay Limited
  • Mr. Taron Mohan, CEO & Promoter, NextGen Telesolutions Pvt Ltd
  • Mr. Vikram Sareen, Co-Founder & Digital Transformation Architect, The Advisory Network
  • Mr. Sony A, Jt. General Manager, South Indian Bank
  • Mr. Sandeep Todi, Co-Founder & CBO, Remitr
  • Mr. Amarto Chakrabarty, former Principal Consultant- Global Consulting Group, Wipro Limited
  • Mr. Hemal Shah, former Technical Product Manager, Mastercard
  • Mr. Himanshu Khare, former Head Corporate Legal & Advisory, VISPL
  • Mr. Harveer Singh, former Head- Digital Solutions for India & South Asia, Mastercard
  • Mr. Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
  • Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous

OTP- One Time Password, you must have received hundreds of OTPs on your mobile or email to verify various transactions. Every application that you use today requires OTP. Community member says, “100’s of OTP in a day we are required to share and honestly not able to track which OTP I am giving to whom, today I don’t know where I am entering what OTP, this is a big risk. For instance;

  • to get plumbing work done Urban Clap App needs OTP
  • want to go to a friends place, Uber & Ola is asking OTP
  • want to order some food, the delivery guy is asking OTP
  • for GST filing CA is asking OTP
  • income tax return, one more OTP
  • news subscription, one more OTP.
  • UPI, one more OTP

So here are some significant questions raised by the FIAKS community;

Question1: Shouldn’t regulatory guidelines standardize these OTP Text messages saying company XYZ is asking OTP for your purchase decision of product ABC with the date and time stamp and expiry as against an SMS like this “your OTP is 234”.  Also, who is authorized to generate OTP?

Question 2: Can we in some way segregate OTP for financial transactions versus OTP for non-financial transactions? This will help to reduce online fraud.

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2021-02-20T16:38:23+05:30February 20th, 2021|Categories: FIAKS bespoke|Tags: |Comments Off on How Safe Are One-Time Passwords (OTP’s)?
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