Using bank cards has simplified the way financial transactions and online purchases work. In the meantime, hackers and exploiters who use every opportunity, with various tricks like social engineering and phishing, get the user’s Internet password and easily scam them. But do not worry, because from the beginning of May 2019, the use of another token, called a second one-time password otp, is required for all Internet transactions. Read on as I walk you through on all the necessary details you need regarding to this new password system.
What is the second passport of a bank card?
The usual password set on a bank card is the physical use of a bank card, such as withdrawal from a bank account or purchase from a card reader. In addition to the usual password, there is another password in the form of a second passcode or Internet password (5-digit encryption), which you can set up for your card by visiting the bank account, so that you can purchase Internet purchases, or pay bills with USSD codes. Do it.
The second passcode of the banknote prompted internet payments to be made simply, but this is a very dangerous one, because if this password is handed over to the user, it is possible to scam easily without having to work. This makes it easier for a hacker to design a phishing page, prompting the user to hand-hide all of his bank card information with his own hand.
For many years, people use the second token for Internet transactions, but the banks finally concurred that the second one is not sure enough, and now it is decided to replace the second one-time passwords with these passwords.
Get: Banking swift codes
What is the second one-time password?
Unlike the usual second code, which always has a minimum of 5 digits, the second one is a 7-digit single-use, and as its name implies, it only validates for a transaction and its validity is only for a period of 60 seconds. So if this 60 seconds pass and you do not use a second one-time password, your password has expired and you must re-enter another one.
Of course, it’s said that you can even use this one-time password, even in place of the master password. For example, in places where the seller does not allow you to enter the password yourself on the card reader, or if you are not sure about the safety of your bank and its security, you can also use a second one-time password.
A Banking mistake
When talking about a second-time one-time use, you might imagine that every time you need to go to a bank’s banker or your bank to get a password, it’s a mistake. You just need to enable the second one-time passcode and get a second one-time password later by receiving SMS or a message from your banking application.
How to enable a second one-time password
Enable online Banking Pin for secured transaction
Now that we’re getting closer to the end of May, you may have received a text message from the bank asking you to go to the bank to receive a second one-time second-time card.
After visiting the bank and receiving a one-time second password, you can install the mobile app on your phone and get a second one-time password. Of course, it’s also possible to record a mobile number, which will be sent to you every second time. Of course, some banks did not update their app, so the only way to register a phone number and send SMS is to you.
Unlike SMS sent to you during transactions, sending a second one-time expense will not cost you any more and will be completely free.