Securing  internet transaction using Two Factor authentication by OTP SMS

Information and data breaching have increased tremendously over the couple of years  impacting most of the industries. Observation says that securing organizational networks from the harmful threats have always been the major concern for the industry experts. No organization, whether  big or small is completely safe and secure when it comes to the security factor of information sharing networks. Different organizations follow different procedures  to tackle threats.  One such method which has really proved to be a master key solution is 2-factor authentication or One Time Password authentications used for securing log-ins thus cutting down data breaches.

With increasing number of mobile users, the latest trend highlights that there have been a continual growth in number of online buyers in past few years.  Smartphones are indeed believed to be a great asset in making any information easily accessible for the potential buyers to look, compare and buy and with the facility of e transaction it hardly takes much time to finalize the deal. Rapid smartphone purchases and e transactions has introduced a remarkable change in traditional internet commerce shifting gradually towards mobile commerce; where threats associated while making mobile payment has now become an area of increased concern .

Importance of Two-factor Authentication:

To make it simple and easy to remember, we generally prefer using most common number series as our passwords. It has been noticed that the Single Sign On (SSO) architecture are not well protected . Numerical passwords which we use for securing keyboard access, pin, and other e locks are somewhere like 1234, unforgettable days like birth date etc. has lead to an increase in hacking activities by almost 20%. Additionally when hackers club their knowledge using hacking techniques with tools like keylogger, social engineering, chances of the risk of threat of information increases upto a whopping 55%.

Two-factor authentication such as OTP SMS is one of the best solutions to curb such threats. The authentication process consists of the OTP check for authenticating the electronic transaction, where the access is limited to the authorized user only, decreasing the risk of violation of data by unauthorized users or hackers.  The chances of the onetime password getting stolen, missed or expired is highly limited, as there’s always a  chance to ask for another OTP which can be be used in case of the missed or expired OTP.

To sum up the usage of OTP SMS, we can say that it helps the corporate as well as promote security for e transactions.

Implementing OTP:

The concept of OTP  came into existence a few years back., when  a notable growth in the number of feature phones and smartphones users was noted, the risk managers and security analysts at Oracle, Google, Microsoft & other leading industry  looked for better alarming security options   to safeguard the traceable information through various encryption modes. Since then, one time passwords using transactional SMS have been serving the purpose by validating the required information from two ends, enhancing the security factor via two-factor authentication.

Implementation of OTP is a fairly simple process. When you start using OTP, what really happens is that when a user enters their login credentials for a web account they have a checkpoint to cross. The two way authentication using the OTP has proved to be so useful that during any online session when a user log into his online account, he is asked to share the mandatory information including password, if not known then on the basis of suspicion, an authentication message with a OTP SMS is shared to the users alternative email ID or contact number using Transactional SMS if attached with the associated account, maintaining the security of the account perfectly.

Once the OTP is entered, server then checks all associated records while verifying and authenticating the user details before finally letting the user to access the account usually adding an additional security layer to the account’s safety.