Wouldn’t it be nice if there were a way to make sure you’re communicating with the right person in this world where business communication is often fraudulent? With people living more and more of their lives online, demand for verification solutions that guarantee our identity and data grow too.
Two-Factor Authentication (2FA) and One-Time Passwords (OTPs) are both efficient ways to safeguard users on a global scale. In fact, there has been such a high demand for mobile security that the worldwide identity verification market is estimated to hit $17.7 Billion in 2026.
OTP systems protect and restrict access to sensitive data and applications. OTP systems help to ensure that even if your password gets compromised, hackers cannot gain access to critical information and applications without the one-time code generated by the OTP system. The following are some of the many benefits of implementing an OTP system for your organisation or business.
Prevents identity thefts
You need more than just a password to secure your identity. What if someone sees your password on a sticky note or you were tricked and gave it away? To be truly secure, you must use two-factor authentication (2FA). When the 2FA login is enabled, every time a user logs in, they will receive a text message with a verification code that needs to be entered before access is granted. This means that even if someone guesses or learns your password, they won’t be able to log in as you because they don’t have the verification code. Also, businesses have the flexibility to receive their code on different mediums like voice, email, SMS, etc.
OTPs are arbitrary, difficult-to-guess numbers. It is not likely enough to guess an OTP. A six-digit OTP, for instance, has a 0.000001% probability of being correctly guessed. That is a million-to-one chance.
Further decreasing the probability is an eight-digit code. To put things in perspective, the individual attempting to break this code has a higher probability of winning the lottery than correctly guessing the OTP. Furthermore, there are two types of OTPs:
Helps Businesses to integrate and scale easily
Route OTP’s API can be easily integrated into the systems, and they can be up and running in an instant. Also, there’s a high level of scalability as these OTPs can be requested on the organisation’s preferred medium, like SMS, voice, email, push notifications, etc. This level of scalability improves security and takes reliability up a notch.
Improves Customer Experience
Enabling your systems to integrate Route OTP’s API improves customer satisfaction levels significantly. This is because OTPs simplify many processes like authentication, verification, registration and more! For example, if you have to reset your password without an OTP system, you’re likely to work through multiple steps before you can get it done. However, with OTP systems, you can simply request an OTP on your preferred medium, enter the code and reset the password easily. This simplicity works wonders for improving the customer experience.
Take security to a new level
An OTP system has several benefits over simple static passwords like fraud blocking, robot blocking, etc. Conventional passwords can’t offer you the level of security that an OTP system provides. Because of OTP’s unique nature, fraudsters can track your keys and break into your password, as OTPs are always unique to a user. And since there’s a human element to validating OTPs, robots are effectively blocked. The randomness of OTP makes it unique, improves transaction efficiency and prevents theft attempts.