Credit Card OTP
When you use a credit card to make transactions it comes with different layers of security. If you are swiping your credit card in a retail outlet while purchasing an item or paying for dining purposes, then you must enter your pin which you set up in the beginning.
There is a three-digit CVV number which is mentioned at the back of your card which for security purposes must be known only to you and no one else. When you use your credit card to book flight or hotel tickets, make a purchase online, or for any other online transaction, you mention your CVV number. However, your CVV number is not the only level of security the bank will provide you. There is something called the One-Time Password (OTP).
What is One-Time Password (OTP)
One-Time Password (OTP) is the second level of security which the bank will provide in order to ensure that your transaction is as secured as possible. The OTP is a six -digit number which is sent to your registered number and email ID which on entering on the payment gateway page will allow your transaction to happen.
The six-digit number can be used only once and is valid mostly for 10 minutes. If you fail to enter the correct OTP more than three times, then the bank will block your credit card.
Benefits of using OTP option
There are certain benefits of using the OTP option. Some of them are given below:
- You are not required to remember multiple passwords in order to complete the transaction
- Once you are on the secure page, you will have three options to get your transaction authenticated
- You can choose any one of the three options available to complete your transaction
If you choose the option, 'I want to generate One Time Password (OTP)'
- If you choose this option, then the bank will send a six-digit number to your registered mobile number and email ID. This number will be valid for only 10 minutes
- On entering the OTP your transaction will be completed
If you choose the option, 'I want to generate One Time Password (OTP)#'
Certain banks will allow you to request for an OTP by sending an SMS through your registered mobile number. In most cases, a pre-formatted message has to be sent to a number provided by the bank. The information in your message will also contain the last four-digits of your credit card number.
Once the bank receives the request, an OTP will be sent to your registered mobile number and will be valid only for 30 minutes. Once you enter the OTP, your transaction through the credit card will be completed.
You will also have the option of using Verified by Visa (VBV) or MasterCard Secure (MSC) password facility. Once you register your card, you can avail the VBV/MSC authentication process.
Some of the things to keep in mind while using OTP to authenticate transactions
There are certain dos and don'ts you must keep in mind before you use an OTP to authenticate your transactions:
Dos
- You must ensure that the website on which you are making the payment uses.encryption technology. One of the ways to check is whether the website starts with https:// or not.
- You must use updated anti-virus and firewall software.
Don'ts
- Never reply to email which ask for personal information related to your credit card or bank account.
- Never give anyone the details of your credit card such as the CVV number, PIN, expiry date, OTP, etc..
FAQs on Credit Card OTP
- I could not use a generated password. Can I use it again?
If you did not use a password generated within 10 minutes of it being generated, then you will not be able to use it to authenticate any transaction. You will have to request for a new OTP.
- Will the bank charge me on requesting for an OTP?
No, the generating of OTP is free and no bank in India will charge you for availing this facility.
- Can I receive the OTP through a phone call?
Yes, there are banks who if authorised will let you know the OTP through an automated call. You will receive a call on your registered mobile number, where an automated voice will let you know the OTP. The password will be valid for only 10 minutes.
- How many times can I request for the OTP to be sent to my registered mobile number or email ID?
The maximum number of times you can request for an OTP to be sent to your registered mobile number or email ID for each transaction is five. If you exhaust the number of attempts, then you will have to start the transaction process all over again.
- What to do if I did not request for an OTP?
If you received an OTP for which you did not request for, immediately get in touch with the bank by calling on their customer care number and informing them about you receiving an OTP despite not having requested for it.
- Can OTP be misused?
OTPs are difficult to be misused since it is sent by the bank using encrypted data from the server of the bank. The OTP is also valid only for 10 minutes hence making it difficult for a fraudster or a hacker to get their hands on the OTP. The only the security can be breached is if you are making payments on an unsecured website or if the fraudster has the details of your credit card such as CVV number, expiry date, your OTP and your mobile phone.
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