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- Who pays the price for outdated technology?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?