One-time passwords have been used for online banking security for more than 25 years, but technological developments have rendered these one-off strings of digits obsolete, both in terms of security and convenience. This paper tracks the decline of one-time passwords and describes alternative technology for banks serious about fraud and ambitious about market share.
This white paper outlines:
OTPs – A decade of failure
Inherent flaws in all OTP systems
Why SMS is an extremely vulnerable channel
OTP technology doesn't come cheap
Atrocious user experience
Who pays the price for outdated technology?
If OTPs are the past, what’s the future?
For more information about a secure alternative to passwords, speak to one of our expert advisors. Contact us today!