Many banking customers do not know the difference between Token and OTP. I will explain that in this post just relax and read so at the end of this post we should be able to know what a mobile token is.
What is a Mobile Token? Mobile Token is a hardware device which is used to authorize banking transaction on our phones or laptops in the mobile application. It is also called a bank token or a security token that is used to get access to a restricted banking transaction on your phone.
How does a token work? The RSA Secured ID authentication mechanism consists of a “token” either hardware (e.g. a key fob) or software (a soft token) which is assigned to a computer user for banking transactions and which creates an authentication code at fixed intervals (usually 60 seconds) using a built-in clock and the card’s factory-encoded almost random key.
Hard Token is been used when users login to their banking application and want to perform a transaction, you will be required to enter the number that will display on the token and this token numbers last for just 60 seconds. This process is just to authenticate if you are the original user of that device due to a fraudulent act or banking scam online so it helps us secure our funds.
The soft token is been generated and send to the user in order to enter it for that particular banking transaction and its also last for 60 seconds, it will be sent to the registered phone number which is been used in the bank mapped to the customer BVN number.
To use a software token: launch the RSA SecurID app and enter your PIN number. The token will then generate a one-time passcode that changes every 60 seconds. Use the passcode to log in to VPN.
What is a RSA SecurID: is a two-factor authentication technology that is used to protect network resources. The authentication is based on two factors — something you know (a password or PIN) and something you have an authenticator.
What is OTP Code: One-Time Password? It is a unique 6-character code that can only be used once and is sent only to your registered mobile number in an Online Banking. After encoding your user ID and password, you will also be required to enter the correct OTP to complete the login process. By sending a One-time password (OTP) on mobile number businesses can verify users when they want to make necessary transactions.
OTP authentication process works on a simple method as when a website wants to validate a user, they usually ask the user to enter their mobile number for verification.
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