Ever wondered why do banks and e commerce retailers use 6 digit OTP?
Do you remember those days when you didn’t require a component called ‘OTP ’ to complete any of your transactions? Even if you had to, the OTPs were mostly only 4-digit long. Since OTPs were 4 digits long, you could remember them easily. In this new era of digitalization and the internet, shopping habits have transformed because of e-commerce companies.
People are buying products and doing a lot of transactions online, whether, through bank applications or various mobile wallets, life has become a lot easier with the recent developments. But there are still many nuances about online transactions that people don’t know about. One such fact is, why do banks and e commerce retailers use 6 digit OTP? One of the reasons why the world has switched from 4 digit OTPs to 6 digit OTPs is keeping in mind the cybersecurity of the users.
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What does OTP stand for?
OTP stands of One Time Password used for verification of transactions done through the Internet. OTP is more secure than the static password. OTP verification verifies address or mobile number of users by sending verification code during registration. Through this process, it removes the possibility of a user registering with a fake email address or mobile numbers.
Why is it a 6 digit, not a 4 digit OTP?
There is no such valid reason why the world switched from 4 digit OTPs to 6 digit OPTs. Other than the fact that 6 digit OTPs were more secure. One of the prominent reasons might be that 4 digit OTP can be easily predicted by the hackers whereas a 6 digit OTP can make your head spin because they are not easy enough to guess. Six digits strike a good balance between readability for those with imperfect eyesight and compactness of LCD displays on OTP hardware tokens.
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Here’s another theory: Most bank ATMs support 6-digit PINs, so there’s a useful mental association for less-sophisticated customers.
It is good that bank e-retailers are using 6 digits OTPS rather than 4 Digits for security reasons. What do you feel about their decision regarding the OTPS? Do share your thoughts with us in the comment box below.
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