OTP stands for one-time password, and is also known as a one-time PIN, one-time authorization code (OTAC), or dynamic password. It is a password that is valid for only one login session or transaction, whether from the computer or any other digital devices.
OTPs overcome several challenges are associated with traditional (static) password-based authentication. Sometimes, two-factor authentication is required, ensuring that the OTP is granted access to something a person has (such as a small keyring fob device with the OTP calculator built into it, a smartcard or specific cell phone) as well as something a person knows (such as a PIN number).
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