One time passwords & mTANs

Offering dynamic one time passwords (OTPs) also known as SMS token, to authenticate time-restricted transactions as well as to give access to applications and systems, is the ideal way of allowing companies to safeguard assets and confidential information. SMS is an ideal solution for providing strong 2-factor authentication authentication procedures designed to combat online fraud and protect sensitive data.  SMS authentication is also a valuable way of building consumer trust in online and mobile channels for banking transactions, payments and remote system access.

Benefits of time-restricted OTPs include:

• Easy to-use and popular tool amongst consumers.
• SMS technology is globally accepted across networks and handsets.
• Token and hardware-free service without extra device needed.
• Low cost of ownership, cost-effective and scalable solution.
• Time-based validity system. Once a set period of time has expired, the one time password is no longer valid, even if it has not been used by the consumer yet .
• No overhead cost for the user and continuous availability.
• Powerful tool providing extra security to prevent cyber fraud in online applications and systems.
• Replacement of less secure, paper-based lists of dynamic passwords.

In the banking and finance industry, mobile passwords are also known as mTANs, which enable consumers to authenticate banking transactions. Banks can also implement outbound SMS to send updates and additional services to customers such as product infotainment, stock and brokerage alerts, balance, overdraft and payment and debt reminders, mortgage and insurance update alerts and even direct response marketing. 

For enterprises, implementing mobile passwords OTPs means that staff can access applications, systems and confidential information according to their user rights. This gives  organisations the peace of mind that passwords are verified accordingly and thus that information is accessed only by the intended recipient.

SMS authentication procedures in the form of mTANs and OTPs are also used by consumers in a wide variety of sectors, including the lottery & gambling sector and the online shopping and auction space, as well as for micro-payments and money transfers.