One Time Password

Overview

A one-time password (OTP), also known as a one-time PIN, one-time authorization code (OTAC) or dynamic password, is is an automatically generated numeric or alphanumeric string of characters that is valid for a single transaction or login session.

Features:

An OTP can be sent as an SMS to a mobile phone or as an Email.

This way it can have several use cases but our clients mainly use it to validate access to a device (phone) or to an email address.

This can be part of a:

• Digital signature flow

• Multi-factor Authentication (MFA) Flow - where the user will be able to prove ownership of a device or email. (posession element of PSD2 requirement) Under PSD2 and Regulatory Technical Standards (RTS), Strong Customer Authentication is defined as an authentication based on the use of two or more elements categorized as:

  • knowledge (something only the user knows),

  • possession (something only the user possesses),

  • inherence (something the user is)