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Snippet: 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.

The decline of one-time passwords

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  • Who pays the price for outdated technology?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?

Download: white paper

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Entersekt is an innovator of customer-centric fintech solutions. Financial services providers and other enterprises rely on our patented mobile identity system to provide both security and the best in convenient new digital experiences to their customers, irrespective of the service channel. With us, they can concentrate on their innovation roadmap, while delivering intuitive, low-friction digital experiences to their customers.